JAKARTA (Yosefardi) – PT Golden Plantation, subsidiary of food producer PT Tiga Pilar Sejahtera (TPS) Food Tbk (AISA), kicks off its initial public offering (IPO) for 800 million shares, representing 21.8% of its total issued and paid-up shares capital.
The Bookbuilding starts today and will last in December 2, 2014, underwritten by CIMB Securities Indonesia. While the offering is scheduled for December 15-17, 2014 and listing at stock exchange is set for December 23, 2014.
The company will also issue 1 billion warrants, a 35% of its total issued and paid-up shares capital.
The IPO proceeds (68%) will be used to fund the acquisition of PT Bailangu Capital Investment from PT Pangeran Duayu and Mohammad Reza Zulkarnaen. It will also acquire PT Persada Alam Hijau from PT Profindo Putra Utama.
The rest of proceeds will be used for working capital. Golden Plantation booked profit of Rp6 billion in first half of 2014 on sales of Rp55.4 billion. In 2013, it suffered loss of Rp1.5 billion on sales of Rp22.6 billion.