Aug 27, 2010

Indofood CBP to pay Rp4.12 trio loan

PT Indofood CBP Sukses Makmur Tbk (ICBP), subsidiary of Indonesia's largest instant noodle maker PT Indofood Sukses Makmur Tbk (INDF), plans to offload 1.16 billion shares or 20% during an initial public offering (IPO) scheduled on October 7 2010. 
In the IPO prospectus published today, Indofood CBP will use 70%-80% of the IPO proceed to pay its debt, mainly to the share holder and 20%-30% will be used to fulfill working capital.
Indofood CBP has mandated four lead underwriters PT Kim Eng Securities, PT Credit Suisse Securities Indonesia, PT Deutsche Securities Indonesia, and PT Mandiri Sekuritas.
Based on the prospectus, Indofood CBP recorded Rp4.12 trillion share holder's loan in the first quarter of this year. In total, the company booked Rp5.18 trillion debt.
In the 1Q 2010, Indofood CBP has bank loan facility worth Rp1.25 trillion and US$53 million. It has used  Rp604.29 billion and US$50 million.
ICBP Group booked Rp4.34 trillion sales in 1Q 2010, Rp586.86 billion operating profit, and Rp368.07 billion net income.
Post IPO, Indofood Sukses Makmur will control 80% stakes in Indofood CBP and the remaining belongs to public share holders.

Disclosure: No position at the stock mentioned above.

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