PT Star Petrochem Tbk, trading company of petrochemical, yarn, and cotton, has set the IPO price at Rp102 per share, enabling the company to raise Rp204 billion proceed.
Star Petrochem plans to sell 2 billion new shares of 51.5% of its enlarged capital in the IPO which will be underwritten by PT Andalan Artha Advisindo Sekuritas.
The company also issues 980 million of series I warrants to investors for free. Each holder of 200 shares will entitle 98 shares with the exercise price of Rp102.
Star Petrochem will use Rp125 billion of the proceed to boost capital in its subsidiary, Rp10 billion for capital injection in PT Star Asia Indonesia, Rp5 billion for working capital, and Rp60 billion will be used to settle bank loan facility to PT Bank Capital Indonesia Tbk.
PT Premium Indonesia owns 48% stake in Star Petrochem and PT Premium Mandiri holds 0.5%. Ronny L. and Hennyta Setianingsih own 99.99% and 0.01% stake in Premium Indonesia. Hennyta is acting as commissioner at Premium Indonesia and Sigit Ary Pamungkas as director.
Disclosure: No position at the stock mentioned above.
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