JAKARTA (Yosefardi) – Textile giant PT Sri Rejeki Isman (Sritex) Tbk (SRIL), through its unit (SPD), plans to issue notes worth US$350 million, equivalent Rp3.47 trillion, for funding the expansion of production facility.
The notes will have tenor of 7 years and offer coupon of 10% per annum. SRIL raised Rp1.34 trillion from initial public offering (IPO) of 5.6 billion shares at Rp240 per share last year.
As of December 2013, it has spent Rp1.29 trillion of IPO proceeds to (1) acquire shares of PT Sinar Pantja Djaja from PT Kapas Agung Abadi for Rp651.4 billion, (2) acquired shares of PT Sinar Pantja Djaja from Iwan Kurniawan Lukminto for Rp71.65 billion, (3) purchased garment machineries, (4) financed working capital for spinning mill, and (5) working capital for garment factory.
In first nine months of 2013, SRIL booked net profit of Rp242.6 billion or Rp16.02 per share from sales revenue of Rp3.69 trillion. Sales revenue grew 25% in the period, while net profit jumped 52%.
Detik.com reported Wednesday (Feb 5) night that H Muhammad Lukminto, founder and controlling shareholder of SRIL, passed away in Singapore Wednesday.