Jun 20, 2011

Alkindo to offload 27.27% stake in IPO

Paper tube, paper core, and honey comb maker PT Alkindo Naratama Tbk is planning to offload 150 million new shares or 27.27% of its enlarged capital during initial public offering on July 12 2011. 
In the IPO prospectus published today, Alkindo, which was founded in 1990 and based in Bandung, West Java, by Sutanto family, will use Rp5 billion of the proceed to settle bank loan facilities to Bank OCBC NISP and Bank Danamon. About Rp11 billion will be used by the company to support land investment in Bandung, and the remaining is aimed as working capital.
Alkindo has mandated Erdikha Sekuritas as the IPO lead underwriter. Alkindo is controlled by PT Golden Arista International with 58.41% stake, Lili Mulyadi Sutanto, Herwanto Sutanto, and Erik Sutanto with shareholdings of 7.66%, 4.68%, and 2.18%, while public shareholders will hold the remaining. Golden Arista is owned by Lili Sutanto and Herwanto Sutanto with 50% stake each.
Alkindo posted Rp169.49 billion net sales last year, a 17.03% from Rp144.83 billion. It booked Rp3.62 billion net profit, a 37.84% increase from Rp2.62 billion.
Dividend policy
If the company posts net profit of Rp15 billion, the dividend payout ratio will be a maximum of 20% of net profit. If the company books net profit of Rp20 billion and higher than Rp20 billion, the ratio will be 25% and 30%.

Disclosure: No position at the stock mentioned above.

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