Apr 18, 2011

Jaya Agra to sell 30% stake in IPO

Plantation company PT Jaya Agra Wattie plans to sell 30%-40% stake during initial public offering (IPO) with a minimum proceed target of Rp700 billion.
Jaya Agra President Director Harijadi Soedarjo said today that the IPO proceed will be used to expand business.
"We expect to double our land bank in the next 5 years from current level of 62,000 hectares," he said.
Of 62,000 hectares, total planted area is about 25,000 hectares.
Jaya Agra expects to rise planted area to 50,000 hectares in the next 5 years. The company has mandated Mandiri Sekuritas and OSK Nusadana Capital as the IPO lead underwriters.
The company is focusing in rubber and palm oil plantations. Rubber plantation is located in Java and palm oil is in South Kalimantan. 
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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