Summitplast offers 42m shares

JAKARTA (JP): PT Summitplast Interbenua, a plastic component producer, expects to sell about 42 million shares during its initial public offering (IPO) in early June.

The company said in a statement on Tuesday that the shares, with a nominal value of Rp 500 each, would be sold at between Rp 850 and Rp 1,000 to raise about Rp 42 billion from the IPO.

Summitplast said all of the proceeds to be raised from the IPO would be used to expand the company's production capacity and develop business-to-business e-commerce.

The company will be listed on the Jakarta Stock Exchange.

Summitplast, which is jointly owned by Dynaplast, Japan's Sumitomo Corporation and PT Panca Teladan, operates two factories in Tangerang and Bekasi, West Java, with a total production capacity of 280,000 metric tons per annum.

The company's products are mostly used in electronic home appliances and vehicles. (hen)