Arwana plans public offering<\/p>\n
JAKARTA (JP): Ceramics manufacturer PT Arwana Citramulia plans
\nto sell about 182 million shares to the public next month to
\nraise funds for its subsidiary.<\/p>\n
The company announced here on Tuesday that about 70 percent of
\nthe proceeds from its initial public offering (IPO) would be used
\nto increase equity in its subsidiary PT Sinar Karya Abadi in
\nGresik, East Java.<\/p>\n
The company did not unveil how much the shares, each with a
\nnominal value of Rp 100, would be sold for during the IPO.<\/p>\n
About 15 percent of the money raised by the IPO will be used
\nto purchase new machinery for its factory, while the remaining 15
\npercent will be used to boost working capital, the company said
\nin a statement.<\/p>\n
The company, which began commercial operations in 1995, booked
\na 20 percent increase in net sales to Rp 92 billion last year
\nfrom Rp 76 billion the previous year.<\/p>\n
The company's net profit rose to Rp 4.25 billion in 2000
\ncompared to a net loss of Rp 982 million the previous year.(03)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/arwana-plans-public-offering-1447893297",
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