Dec 6, 2010

Martina Berto sets 33.17% IPO in January

Cosmetics maker PT Martina Berto Tbk plans to dispose 355 million new shares or 33.17% stakes worth IDR270 billion via initial public offering scheduled on January 13 2010.
In the IPO prospectus published today, PT Trimegah Securities is a single underwriter for Martina Berto.
Considering the IPO proceed, Martina Berto might offer the IPO at IDR760 per share.
Referring to the prospectus, Martina requires IDR135 billion from the proceed to build new plant at Cikarang as well as the purchase of machinaries and production equipments.
The company will use IDR54 billion from the proceed to settle its debt to PT Bank CIMB Niaga Tbk and IDR81 billion will be required to support working capital.
Post IPO, PT Marthana Megahayu Inti controls 66.82% holding in Martina Berto, PT Marthana Megahayu and PT Bringin Wulanki Ayu hold minority stake, and public shareholders own 33.17%.
Martina Berto posted IDR257.87 billion sales as of June 2010, IDR137.38 billion gross profit, and IDR17.36 billion operating profit, and IDR11.82 billion.

Disclosure: No position at the stock mentioned above.
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