Mar 11, 2011

Jaya Agra Wattie aims IPO in May

PT Jaya Agra Wattie, plantation integrated company, plans to dispose 30% of stake through initial public offering (IPO), in May 2011 at the latest.
IDX Director of Corporate Assessment Eddy Sugito stated the company recently conducted mini expose to IDX’s board of director.
“They held mini expose yesterday. They plan to release 30% of their total share. The targeted fund is unclear. They are projected to listing in May.”
PT OSK Nusadana Securities and PT Mandiri Sekuritas are appointed as their underwriter. On their disclosure submitted to market authority, the company uses December 2010 financial report as their reference for the IPO.
Unfortunately, Sugito refused to detail Jaya Agra Wattie financial performance and asset until the end of last year. At the moment, Jaya Agra Wattie manages 60,000 hectare plants for rubber, palm oil, coffee and tea.
From the total area, they utilize 29,000 hectare and the remaining 31,000 hectare will be utilized in the next 3 years-5 years. The 90 years old company previously known as J.A. Wattie after the name of their founder James Alexander Wattie.
The name Jaya Agra Wattie is officially carried by the company on May 6, 1982 with Soedarjo and Hadi Surya as the shareholders. The company is currently managed by Harijadi Soedarjo as the president director.
Hadi Surya and Harijadi Soeedarjo have close relation with shipping company PT Berlian Laju Tanker Tbk. Based on Berlian Tanker official website, Hadi Surya is still serve as President Commissioner at Berlian Tanker and Commissioner at Jaya Agra Wattie while Harijadi Soedarjo previously served as Berlian Tanker ‘Commissioner.

Disclosure: No position at the stock mentioned above.
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