The company raised Rp440 billion of 4 billion shares at Rp110 per share. MAG Plantations had total assets of and equity of Rp896 billion and Rp525 billion respectively as of June 30, 2012.
MAG Plantations, controlled by Panin Group, generated sales revenue of Rp20.8 billion and net profit of Rp2.25 billion in the first half of 2012. The company is new player in the plantation business. Proceeds from the IPO allow the company to finance planting of new areas.
Other plantation stocks, Bakrie Sumatera Plantation also fell 1% this morning while London Sumatera gained 1.09%. Provident Agro and BW Plantations were flat. (Indonesia Today)