Tue, 07 Nov 2000

Dyviacom eyes JSX listing

JAKARTA (JP): Internet service provider PT Dyviacom Intrabumi said on Monday it planned to sell about 64 million new shares in an initial public offering (IPO) later this month.

The company said in a press statement that it would also issue 25.6 million in warrants during the IPO.

For every 500 shares issued during the IPO, shareholders would receive 200 warrants, the company said, adding that it would list all of its shares on the Jakarta Stock Exchange (JSX) after the IPO.

The company has yet to unveil the price of its shares, each with a nominal value of Rp 250 (about 2.7 U.S. cents).

The company said the shares and warrants issued, would later make up 42.7 percent of the company's ownership composition.

It said the IPO funds would be mainly used to expand its network, pay debts and for working capital.

Dyviacom has appointed PT Trimegah Securities as its underwriter. (bkm)