Fishery firm to offer 84 million shares to public
Fishery firm to offer 84 million shares to public
JAKARTA (JP): PT Bahtera Adimina Samudra, an export-oriented
fishery company, will offer 84 million shares to the public later
this month to raise funds for its planned expansion.
Company president Laurentius Soegiarto said on Thursday the
shares, which would have a nominal value of Rp 500 per share,
would account for 26.41 percent of the company's enlarged
capital.
"Hopefully, the shares will be listed on the Jakarta Stock
Exchange on Sept. 30," he said following a public presentation of
the company's planned initial public offering (IPO).
Soegiarto said the shares would be sold for between Rp 600 and
Rp 650 (about eight US cents) per share during the offering
period between Sept. 20 and Sept. 23.
The company also will issue 33.6 million warrants to sweeten
the public offering.
Soegiarto said around 49 percent of the IPO proceeds would be
used as a down payment on six fishing vessels the company plans
to begin operating next year. He also said 33 percent of the
proceeds would be used to pay the company's US$3.4 million in
debts, and the other 18 percent would go toward increasing the
company's working capital.
Exim Securities, Lippo Securities, Merincorp Securities
Indonesia and PT Sentra Investindo will underwrite the public
offering.
At present, the company is 99.99 percent owned by PT Adiguna
Reksasegara and 0.01 percent owned by Windi Hermanto, the
company's chief commissioner, who also holds a 50 percent stake
in Adiguna Reksasegara.
Soegiarto said the IPO would reduce Adiguna Reksasegara's
stake in the company to 66.59 percent.
He said Bahtera Adimina Samudra, established in 1989, booked a
gross profit of Rp 3.71 billion last year, compared to Rp 130
million in 1997.
"Our gross profit increased markedly to Rp 13.55 billion in
the first six months (of this year)," he said.
The Jakarta-based company operates its 14 fishing vessels in
the Arafura Sea, part of Indonesia's Exclusive Economic Zone, and
exports its products to China.
"Starting next year, we will expand our exports to Japan,
South Korea and Taiwan," Soegiarto said.
The company also said it planned to set up a cold storage and
ice factory in Fakfak, western Irian Jaya.
Soegiarto said he was optimistic that net sales would swell to
Rp 80.82 billion this year from Rp 24.32 billion in 1998 due to
an increase in demand from overseas market.
He said this year's net profit was also estimated to reach Rp
34.34 billion as compared to only Rp 5.58 billion last year. (01)