Astra Agro lists shares

JAKARTA (JP): Plantation firm PT Astra Agro Lestari, a subsidiary of automaker PT Astra International, will list its shares on the Jakarta Stock Exchange (JSX) today.

In the article Grenfell pulls out from Makindo, which appeared in the business section of yesterday's edition of The Jakarta Post, Astra Agro Lestari was incorrectly reported as one of the listed companies on the JSX.

The company said that it had successfully completed its initial public offering (IPO) of shares last week, with an oversubscription.

Astra Agro offered 125.8 million shares to the public at a price of Rp 1,550 each to raise Rp 195 billion in fresh funds.

The company's president, Benny Subianto, said that 72.5 percent of the proceeds from the IPO would be used to expand the company's total plantation area, 10 percent to develop its infrastructure for palm oil cultivation, 10 percent to refinance its short-term debts and the remaining 7.5 percent to increase the company's working capital. (aly)