Samko Timber Limited, a parent company of PT Sumalindo Lestari Jaya Tbk (SULI), seized US$28.42 million in cash from rights issue.
According to Samko's formal announcement, the company has used US$21 million from the proceed to pay outstanding loan. Samko will announce further announcement in relation to use of remaining of rights issue proceeds.
Samko Timber own and control 00.98% stakes at PT Sumber Graha Sejahtera which manages 51.95% ownership in Sumalindo Jaya Lestari.
Sumber Graha also controls five sub holding companies PT Makmur Alam Lestari (99.93%), PT Panca Usaha Palopo Ply Wood (98.46%), PT Putra Sumber Utama Timber (99.2%), PT Sejahtera Usaha Bersama (99.34%), and PT Sumber Graha Sejahtera Indonesia (99%).
Samko Timber is a leading timber processing company in Indonesia. With over 1 million m³ of processing capacity, it is among the top five tropical hardwood plywood producers globally, and one of the largest in Indonesia.
According to an independent industry research firm, Poyry Forest Industry, Samko has an estimated market share of approximately 32% in the domestic processed timber market in 2006.
The company's manufacturing facilities, plywood, veneer, MDF and secondary processing mills, are spread across the islands of Java, Sumatra, Kalimantan and Sulawesi, and are strategically located near to wood sources. Main products are plywood, and veneer which is raw material for plywood, LVL and MDF panels, and several secondary, value added plywood products.
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