Cahaya Kalbar to offer 34m shares to public
Cahaya Kalbar to offer 34m shares to public
JAKARTA (JP): PT Cahaya Kalbar, a producer of speciality fats,
plans to sell 34 million new shares to the public next month to
raise funds for its expansion program.
Managing director Hardy Sunarcia said yesterday that the new
shares, each with a nominal value of Rp 500 (22 U.S. cents),
would account for about 28 percent of Cahaya Kalbar's enlarged
common shares.
He said that the new shares, which will be listed on the
Jakarta Stock Exchange (JSX), will be offered to the public for
between Rp 1,000 and Rp 1,200 per share.
The company expects to raise some Rp 34 billion in fresh funds
($15.45 million) from the public offering, of which 40 percent
will be used to finance expansion projects, including the
diversification of its speciality fat products, he said.
"Other 35 percent of the proceeds will be used to repay some
of the company's loans and the remaining 25 percent for capital
restructuring," he said.
The speciality fats produced by the company are derivative
products of palm oil and are used as a substitute for cocoa fats
in the production of chocolate. The speciality fats are also
called non-cocoa fats.
Cahaya Kalbar, which is presently 82.35 percent owned by PT
Cahaya Kalbar Perkasa and 17.65 percent by PT Tulada Pertiwi, is
also engaged in cocoa grinding.
Hardy said that around 70 percent of its non-cocoa fat
products and cocoa powder are exported to the United States,
Russia and Australia, as well as European and Asian countries.
"We are very optimistic about the prospects of exporting,
especially with exports to Europe," he said. "The European
Commission's decision early last month to continue allowing
member states to use up to 5 percent non-cocoa fat in chocolate
is good news for us."
The company's offering, underwritten by PT Aspac Uppindo
Securities, will be this year's first public offering on the
domestic market.
Inarno Djayadi, Aspac's president, said that the company had
submitted all the public offering requirements to the Capital
Market Supervisory Agency.
"We hope to launch the public offering next month," he said.
(hen)