Jul 2, 2011

Indo Straits sets IPO at Rp950

Integrated sea and logistic services company PT Indo Straits Tbk has set its initial public offering (IPO) at Rp950 per share, entitling the company with Rp95 billion proceed.
Indo Straits plans to sell 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%.
Straits Corporation is 70% owned by Natural Resources International Holding Pte Ltd that is controlled by businessman Richard Ong. Ricgold Pte Ltd and Arise Team Pte Ltd holds 20% and 10% stake.
Richard Ong was also cofounder of Straits Asia Resources Limited, the only pure coal mining company  listed on the Singapore Exchange.
Beginning with Straits Asia's first coal project over 10 years ago, Richard Ong oversaw the operations, accounting, customer service and marketing functions, and successfully developed and implemented strategic business plans leading to substantial revenue and profit growth. Richard Ong is highly regarded by the Indonesian community and has extensive commercial contacts throughout Asia.
He is a marine civil engineer with over 30 years experience in Southeast Asia in construction, marine engineering, business development and resource exploration. He is married; he and his wife, Lew Yoon Len have four children.
 
Disclosure: No position at the stock mentioned above.
 
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