GSI cancels IPO plan

By Febry Silaban

Seismic survey provider PT Gelombang Seismic Indonesia (GSI) has canceled an earlier plan to sell its shares to the public via an initial public offering (IPO).

GSI Operational Director Barita Sihombing said that the IPO was cancelled because the asking price for its shares was lower than what the company had expected. He did not provide further details.

The company said last year it was planning to sell up 42.86 percent shares via IPO.

The company said in a prospectus that about 70 percent of the IPO proceeds will be used to finance capital expenditure particularly for the purchase of new equipment for 3D seismic survey, and the remainder 30 percent for working capital.

GSI shareholders as per last year included Benyamin Dwijanto (19.20%), Surjo Tedjono (19.20%), Hindarto Suharjo (19.20%), Jeffrey Tamara (19.20%), Barita S. Sihombing (9.60%), Wahyudia Budi Setyanto (9.60%), and Tjong tek Slong (4%).

Editing by Reiner Simanjuntak