Summitplast plans to float shares on local stock mart

Summitplast plans to float shares on local stock mart

JAKARTA (JP): PT Summitplast Interbenua, a plastic components
manufacturer, plans to float its shares on the local stock market
in a bid to raise fresh funds to back up its expansion program.

The company said here over the weekend that proceeds from the
initial public offering would be used to finance the construction
new production facilities.

Amid growing Internet applications in the country, the company
would further increase its production capacity to capture a surge
in electronic and computer demands.

"We are planning to advance the mold-making facility, to
provide a value added on our products that will beat the
competitive market", the company stated.

The company said that it planned to invest between Rp 90
billion and Rp 100 billion within the next two years for the
expansion program.

Summitplast, which is jointly owned by Sumitomo Corporation of
Japan, publicly listed Dynaplast and PT Panca Teladan, operates
two factories in Tangerang and Cikarang, West Java, with a
combined production capacity of 28,000 metric tons a year.

Summitplast exports most of its products to electronic home
appliance manufacturers as well as to automotive companies.

The company also plans to start its business-to-business e-
commerce service next year, to facilitate its customers in
purchasing their products electronically and efficiently.(07)