Jasa Tania shares listed on JSX

JAKARTA: Insurance firm PT Asuransi Jasa Tania made its listing debut on the Jakarta Stock Exchange (JSX) on Monday after selling 16.7 percent of its total shares via an initial public offering (IPO) in mid December.

The company said that it reaped Rp 15 billion (US$1.7 million) in proceeds from the IPO, with each share priced at Rp 200.

On Monday's trading, the company shares ended higher at Rp 375.

The company said that around 60 percent of the proceeds would be used for expansion of its premium, 25 percent for upgrading information technology infrastructure and the remaining 15 percent for developing human resources.

Next year, the company targets an operating revenue of Rp 135.8 billion and a net profit of Rp 21.8 million.

After the IPO, the company's remaining 58.3 percent of shares are owned by the Plantation Pension Fund and the other 25 percent by plantation company PT Dapenbun Nusantara. The company did not provide details on its largest shareholders. -- JP