JAKARTA (Yosefardi) – State pharmaceutical company PT Phapros, subsidiary of PT Rajawali Nusantara Indonesia (RNI), expects to postpone its IPO plan this year pending the merger with its sister company, PT Rajawali Nusindo, distributor of pharmaceutical products.
Phapros earlier planned to offer 10-20% shares through the initial public offering (IPO) scheme, targeting to boost its assets to Rp1 trillion to Rp1.5 trillion from current Rp643 billion.
Phapros also plans to acquire pharmaceutical company, build hospital, and boost its production capacity.
Media earlier reported state pharmaceutical company PT Kalbe Farma Tbk (KLBF) was also keen to acquire shares of PT Phapros Tbk, through the initial public offering (IPO).
Meanwhile airline company PT Pelita Air Service, one of the subsidiaries of Pertamina, opts to postpone its IPO plan this year as the market condition would not support.
Pelita Air intends to offer 20-25% shares to public, to raise proceeds of up to Rp600 billion.
IPO would help boosting the earning performance of company, leading it into more transparent management, and help the company to get a quick investment.