JAKARTA (Yosefardi) – Investor Daily reported on Tuesday (Sept 10) that PT Citra Borneo Indah cancels its IPO plan, instead it opts to launch IPO for its unit PT sawit Sumbermas Sarana (SSS) by end of this year.
Citra Borneo earlier said it planned to offer 20% shares through the initial public offering (IPO), targeted to raise US$200-300 million funds.
One source said Sawit Sumbermas might target to raise maximum US$100 million from IPO, which will be facilitated by Mandiri Sekuritas and BNP Paribas as underwriters.
Citra Borneo’s subsidiaries including Kalimantan Sawit Abdi, Mitra Mendawai Sejati, Sawit Multi Utama, and Tanjung Sawit Abadi. The company reportedly controls 60,000 hectares of palm oil plantations in Central Kalimantan.