Surya Esa Perkasa plans IPO
Monday, January 9 2012 - 10:30 AM WIB
Condensate and LPG producer PT Surya Esa Perkasa Tbk has announced a plan to sell 25 percent or 250 million of its shares at the price of between Rp 450 and Rp 650 per share through an initial public offering (IPO) this month.
The company said in Jakarta on Monday that through the shares sale, which will be later listed on the Indonesian Stock Exchange (IDX) early in February, it will get a total fund of Rp 150 billion.
The company's Director of Finance and Corporate Secretary, Isenta Hioe said that the fund would be used to finance the development of its gas refinery.
With the expansion, he said that its LPG production capacity will increase by 50 metric tons per day, or an increase of 44 percent from the current capacity of 113 MT per day.
The Indonesia's second largest producer of LPG, which was established in 2006, gets its natural gas supply from state-owned PT Pertamaina EP.
The company, which is owned by Garibaldi Thohir, Vinod Laroya, and Ida Bagus Made Putra Jandhana, saw its sales during 7 months from January to July 31, 2011 amounted to Rp 238.7 billion, an increase of 41.87 percent from the same period in 2010.
Editing by Benget Besalicto Tnb.