Indofood offers shares

Indofood offers shares

JAKARTA (JP): PT Indofood Sukses Makmur, one of Indonesia's
largest food processing companies and the largest producer of
instant noodles, launches today a public offering of 21 million
shares at a price of Rp 6,200 (US$2.8) apiece.

The initial public offering is lead managed by PT Merincorp
securities company.

The company, which is a unit of the Salim group, owns and
operates 22 food processing plants in various provinces. It
reported a net profit of Rp 41.4 billion during the first
quarter, up 45 percent from a year earlier.

Indofood said it would use 51 percent of the funds to be
raised from the public offering for financing three new food
processing plants in Pontianak, West Kalimantan, Manado, North
Sulawesi and Medan in North Sumatra. The remaining 49 percent
will be used for repaying its debts. (vin)