Apr 12, 2011

J.A. Wattie IPO eyeing Rp700 billion

Diversified plantation company PT Jaya Agra Wattie (J.A. Wattie) is aiming to propose a Rp700 billion initial public offering (IPO) in May 2011.
OSK Nusadana Securities President Director Halum Susanto said OSK will team up Mandiri Sekuritas as lead underwriters of Jaya Agra IPO.
"Jaya Agra IPO has been filed to Bapepam-LK. The IPO size is probably Rp700 billion," he said as quoted by Detikfinance.com today.
Indonesia Stock Exchange Director Eddy Sugito previously said Jaya Agra is planning to float 30% stake to public investor. Jaya Agra is the plantation company of rubber, palm oil, tea, and coffee.
Jaya Agra is owned by several shareholders such as Soedarjo, Hadi Surya, and few others. Hadi Surya is owner and President Commissioner of PT Berlian Laju Tanker Tbk (BLTA). He has been serving as Berlian Tanker since 2000.
Currently the company manages and control 15 plantations accross Java and Kalimantan. 
With the increasing growth of the company, Jaya Agra Wattie seeks continuously to add to it’s existing land size by obtaining new land areas or by acquiring existing plantation. 
The company targets to continuously expand its size to 60,000 hectares in the near future. J.A. Wattie plantations are operated throught subsidiaries either by foreign or domestic investment companies.
Foreign investment companies are PT Perkebunan Kroewoek – Bayah, PT Indo Java Rubber Planting Co – Ciseru, Cipari, PT Banjoemas Landen -  Kaliminggir, PT Perkebunan Biting – Biting, PT Kaliduren Estate – Tugusari, Tugu Cimenteng, PT Corah Mas Keputren Estate – Keputren, Corah Mas. 
Domestic investment companies are PT Mulyaningsih – Durjo, PT Bumi Prada – Sekayu, PT Kintap Jaya Wattindo – Kintap, Tabanio, Tebing Siring, PT Agri Bumi Sentosa – Cileles, Cikembar, Wanajaya, PT Toraja Agra Wattie – Rindingallo, PT Cipanyusuhan – Cilaki, Pasir Pari.

Disclosure: No position at the stock mentioned above.  

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