Apr 27, 2011

Jaya Agra to sell 30% stake in IPO

Diversified plantation company PT Jaya Agra Wattie Tbk today officially announced a proposed initial public offering (IPO) of 1.13 billion shares or 30% of its enlarged capital on May 30 2011. Of the IPO size, Jaya Agra will allocate 10% for its management and employees. 
Jaya Agra plans to use 90% of the IPO proceed to underpin planting programs of rubber, palm oil, and the construction of refineries and other facilities in its subsidiaries through shares participation.
The company will utilize the remaining proceed for new land acquisition, working capital, and capital expenditure.
Jaya Agra has mandated PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia as the lead underwriters.
The owners
Post the IPO, Jaya Agra is owned by SKA with 21%, ALS with 9.02%, Utama Hadi Surya with 19.99%, Dwijaya Hadi Surya with 19.99%, public shareholders with 27%, and the company's management and employees with 3%.
Hadi Surya (Ong King Kie), born in Surabaya, founded tanker company PT Berlian Laju Tanker Tbk (BLTA) in 1981 with only two vessels namely Anjasmoro and Brotojoyo. Hadi Surya is now acting as President Commissioner of Berlian Tanker since 2000. Hadi Surya also has other businesses such as oil contractor PT Nusa Bumi Bhakti
Currently Jaya Agra manages and control 15 plantations across 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.
Performance & Dividend
Jaya Agra posted Rp413.43 billion revenue, Rp149.39 billion operating profit, and Rp80.11 billion net income last year.
In the last 5 years, revenue has continually grown 21.63%, 12.79%, 80.48%, 22.60%, and 11.83% respectively ((2006-2010).  
The largest revenue contributors for Jaya Agra in 2010 were rubber (Rp247.09 billion with volume of 8.39 million kg), CPO (Rp137.38 billion with volume of 19.76 million kg), palm oil seed (Rp14.53 billion with volume of 4.03 million)
Operating profit also increased 7.86%, 26.31%, 147.98%, -1.20%, and 63.34% respectively. Net income grew 0.42%, 35.31%, 172.51%, 56.29%, and 84.18% respectively.
Jaya Agra has a policy of dividend payout ratio of a maximum 30% per year. The company plans to distribute dividend next year, using some of its net profit in 2011.

Disclosure: No position at the stock mentioned above.

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