Jul 14, 2011

Star Petrochem, Ananda & Batik Semar

Roxxon Resources Limited, a company that is owned by individual investor namely Ananda Soewono, has controlled 33.64% shareholding or 1.61 billion shares in newly listed PT Star Petrochem Tbk (STAR).
Roxxon is a non-affiliated party which entitles fixed allocation of 1.79 billion shares or 89.85% stake of the initial public offering (IPO).
Director Irwando Saragih at Star Petrochem said Roxxon Resources is non-affiliated party. However, he declined to explain more detail about the identity of Ananda Soewono. "About market, please ask our underwriter, Andalan Artha Advisindo Sekuritas [AAA Sekuritas]" he said.
AAA Sekuritas Vice President Jimmy Randiatmoko said Roxxon is expected to be potential investor for Star Petrochem. Roxxon is a British Virgin Island-based investment company and founded in 2004.
If you check via Google, Ananda Soewono is Managing Director of PT Batik Semar, a company that makes batik printed products. Star Petrochem is producer of synthetic fiber and polyester yarn.
The question is if Roxxon is non-affiliated party, could you find something special or competitive advantage of Roxxon, hence the BVI firm entitles too much fixed allocation during IPO? Please check Star Petrochem's IPO prospectus!

Disclosure: No position at the stock mentioned above.

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