May 21, 2011

Salim Ivomas IPO set at Rp1,100

PT Salim Ivomas Pratama Tbk (SIMP) has priced its initial public offering (IPO) at Rp1,100 per share, representing a total proceed raised from the offering of Rp3.47 trillion.
During the IPO, Salim Ivomas plans to sell 3.16 billion new shares or 25% of its enlarged capital. First Pacific Company Limited, led by Chairman Anthony Salim, is proposing to subscribe 1.5% or 47.45 million shares of the total offer size of the global offering during SIMP IPO.
First Pacific, an investment company of Salim family which is listed at Hong Kong stock market and controls 50.1% shareholding in PT Indofood Sukses Makmur Tbk (INDF), will subscribe the Salim Ivomas shares at the offer price, an official statement published by First Pacific today.
First Pacific has principal business interests such as telecommunications, infrastructure, consumer food products and natural resources.
Indofood Sukses is a controlling shareholder in Singapore-based Indofood Agri Resources Pte Ltd (IndoAgri) with 68.95% shareholding interest. Indofood Sukses has also a 8.38% direct shareholding in Salim Ivomas Pratama. In turn, IndoAgri controls 90% shareholding in Salim Ivomas Pratama.
Besides edible oil business, Salim Ivomas's agri business activities comprise of oil palm, rubber, sugar cane, cocoa and tea plantations, cooking oils, margarine and shortening.

Disclosure: No position at the stock mentioned above.

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