Fortune Mate goes public

Fortune Mate goes public

JAKARTA (JP): Shoes producer PT Fortune Mate Indonesia plans
to sell 66 million new shares or about 20 percent of its enlarged
stock through an initial public offering later this month.

The company said over the weekend that the shares would be
sold during the offering period from May 29 to May 31 between Rp
500 and Rp 600 per each, or about 1.5 times of the book value per
share.

The company expected to raise a fresh fund of about Rp 33
billion (US$4.23 million) from the IPO plan, in which about 65
percent of the total would be used to boost its working capital
and other 35 percent to open two new production lines.

The new investment would increase production capacity from 12
million pairs of shoes currently to about 15 million pairs of
shoes to meet higher orders from foreign buyers.

After the IPO, Fortune Mate will be 55.56 owned percent by
Hong Kong-based company Yuh Fong Industrial Co.Ltd. and about
23.81 percent by PT Surya Mega Investindo, and the rest will be
held by the investing public. (07)