Feb 16, 2011

Aditech delays IPO on gloomy market

Following bearish on market, the stove and regulator producer, PT Aditec Cakrawiyasa postponed its plan to have initial public offering (IPO) from the original schedule to next year.
However, the company plans to double the IPO proceeds target. “The IPO proceeds target can not be announced now,” said President Director of Aditec Rawono Sosrodimulyo as quoted by Bisnis Indonesia today.
He could not ensure the proceeds target to reach above Rp500 billion or below it.
Last year, the company said the IPO proceeds will be under Rp500 billion, but it could not give the definitive range.
According to Rawono, the company postponed the IPO due to two reasons. Firstly, the company has to conduct a review to boost operational performance of the company in order to increase the IPO proceeds target.
He said the increase on regulator and stove sales has occurred since the end of last year when the company has been publicly recognized from advertising in printed and electronic media.
  Disclosure: No position at the stock mentioned above.  

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