Humpuss starts IPO

JAKARTA (JP): PT Humpuss Intermoda Transportation begins the public sale of its shares today.

In a statement the company said that it was offering around 74 million shares to the public at Rp 675 (18,5 U.S. cents) per share during the initial public offering (IPO) period, which lasts until Wednesday.

The statement said that around 45 percent of the proceeds from the offering would be used to increase the company's stake in subsidiary PT Humpuss Terminal Petikemas, 40 percent to build three new oil tankers and the remaining 15 percent would be used to increase the company's working capital.

The company said that it would list its shares on the Jakarta Stock Exchange on Dec 15. (aly)