Indonesia IPOs
Property developer Forza Land and car dealer Bintang Auto will offer 20 per cent of their shares via planned IPOs, according to an Indonesian Stock Exchange (IDX) director. However, details of IPO proceeds target were not disclosed.
There are now six companies queueing up for listing over the next few months before the year-end. The other four companies are PT Megapower Makmur, PT Anugerah Berkah Madani, PT Mayapada Properti Indonesia, and PT Prodia Widyahusada.
On Wednesday, two new companies were officially listed – gas distributor PT Aneka Gas Industri and PT Paramita Bangun Persada.
Aneka Gas Industri pocketed Rp 800 billion ($61.87 million) in proceeds, which will be used to pay debt, expansion, and working capital. The expansion is aimed at increasing its number of filling stations from 80 to 200 units by 2020.
Meanwhile, Paramita Bangun Persada booked around Rp 360 billion. About 40 per cent of the proceeds will be used for working capital, 35 per cent for business expansion, and the remaining 25 per cent for purchasing heavy equipments.
Mitsui, Fujimori to close Champion Pacific deal soon
The tender offer for 20.6 per cent shares of PT Champion Pacific Indonesia has started today, and will end by October 27. The offer is carried out by Mitsui & Co and Fujimori Kogyo, who are acquiring Champion Pacific in a deal worth $68 million.
The move is part of a strategy to strengthen their production base in Southeast Asia. According to the agreement, Mitsui and Fujimori will first acquire all the shares of PT Kingsford Holdings, which owns 79.42 per cent of Champion Pacific shares.
After the tender offer is completed, Mitsui and Fujimore will respectively own 40 per cent and 60 per cent shares of Champion Pacific.
Champion Pacific posted a revenue of Rp 182.13 billion in the first quarter this year, down two per cent from Rp 185.87 billion in the previous year. Despite the slight slump in revenue, net profit rose 22.9 per cent from Rp 9.33 billion to Rp11.47 billion.
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