Jun 16, 2011

Sidomulyo to offload 30% stake in IPO

A transportation company for hazardous chemicals PT Sidomulya Selaras Tbk plans to issue 284.44 million new shares or 30% of its enlarged capital to add its fleet and working capital. The listing of the new shares is scheduled on July 12, 2011.
In a prospectus published today, the company will allocate 86.96% of the total proceeds to purchase new fleet and to improve infrastructure. The remaining fund will be used to strengthen its working capital, including for buying spare part, fuel and drivers’ salaries
Sidomulyo Selaras was established in 1986 by Director Tjoe Mien Sasminto. Currently he owns 75.57% of the ownership in the company, while President Commissioner Sugiharto owns 20.34%, Amelia Ritoni Tjhin owns 4.07% and Jonathan Walewangko has 0.02%.
The company will issue 663.70 million shares, taken from existing shareholders. After its listing, Sasminto’s ownership will be diluted to 52.89%, Sugiharto (14.24%), Tjhin (2.85%), Walewangko 0.02% and public owns 30%.
The company’s asset as of December 31, 2010 was Rp143.36 billion, whilst its liabilities reached Rp24.93 billion.
The company’s net income doubled to Rp8.74 billion in 2010, boosted by the increasing revenue by 19.86% to Rp101.91 billion. The company plans to disburse dividend at maximum ratio of 30% of its total net income starting this year.

Disclosure: No position at the stock mentioned above.

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