Distributor of natural cotton and synthetic cotton PT Evergreen Invesco plans to list 2 billion of common stocks of 43.4% stakes during the initial public offering (IPO) at Rp105 per share, enabling it to grab Rp210 billion of cash.
Evergreen also aims to provide 900 million of series I warrants during the IPO with the ratio of 20:9 as incentive to public investors. Evergreen Invesco has mandated single local underwriter of PT Andalan Artha Advisindo Sekuritas for the IPO.
Evergreen plans to use Rp70 billion from the IPO proceed to pay debt to Penzoil Enterprises Ltd, a company which has special relationship with Evergreen. Evergreen will use Rp10 billion of the proceed as working capital, Rp120 billion as capital injection into subsidiary PT Tristate Indonesia.
Post the IPO and warrants exercise, Evergreen Invesco will be controlled by Natural Crystal Holding INC of 47.2%, PT Neo Invesco of 0.1%, and public shareholders of 52.7% stakes.
Who is Natural Crystal Holding? Around 1% stakes of Natural Crystal is owned by Heru Hartanto, who also owns 1% stakes in Penzoil Enterprise Limited. Heru also controls Neo Invesco.
Besided controlling shareholder of Tristate, Evergreen Invesco owns 99.8% stakes in PT Pacific Multi Industri as well. Evergreen Invesco posted Rp104.55 billion of net sales last year and Rp329 million of net profit.
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