May 23, 2011

Jaya Agra Wattie sets IPO at Rp500

Diversified plantation company PT Jaya Agra Wattie Tbk has set an initial public offering (IPO) at Rp500 per share, enabling the company to grab a proceed of Rp566.20 billion. 
J.A. Wattie will sell 1.13 billion of new shares or 30% of its enlarged capital with the listing schedule on May 30 2011, said an official additional prospectus published today.
PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia are the lead underwriter for the IPO in collaboration with several underwriters such as PT Buana Capital, PT Ciptadana Securities, and PT Dinamika Usaha Jaya.
Jaya Agra will use 90% of the proceed to bankroll part of planting program of rubber, palm oil, mill constructions, and participation in several subsidiaries. The remaining will be used as working capital.
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.  

Disclosure: No position at the stock mentioned above.  

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