Jun 15, 2011

Indo Straits to offload 18.18% via IPO

Integrated sea and logistic services company PT Indo Straits Tbk today launches a 100 million new shares IPO or 18.18% of its enlarge capital. The company also offers a 10% of its new shares as management and employee stock allocation. 
Indo Straits plans to offer the IPO on July 1 to July 5 and targets to list its shares at Indonesia Stock Exchange on July 12, an IPO prospectus published today said.
PT Sinarmas Sekuritas is the only lead underwriter for the IPO. Indo Straits will use 36% of the IPO proceed to settle US$12.85 million debt to PT Bank Permata Tbk, 50% of the proceed to buy mechanical crane, and the remaining is intended for working capital.  
Post IPO, Straits Corporation Pte Ltd controls 77.73% shareholding in Indo Straits, PT Tiyanda Utama Mandiri owns 4.09% stake, holders of stock allocation will own 1.82%, and public investors will hold 16.36%.

Disclosure: No position at the stock mentioned above.

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