Sep 20, 2011

SMR Utama scouts Rp300 bio IPO

PT SMR Utama Tbk, a manganese producer, plans to grab a Rp300 billion IPO with a target to sell 300 million new shares at Rp600 per share. The listing is scheduled on October 8 2011.
In the IPO prospectus published today, PT Andalan Artha Advisindo Sekuritas (AAA Sekuritas) is the lead underwriter for the IPO.
According to the company, SMR Utama will use Rp250 billion of the proceed to inject its subsidiary dubbed PT Soe Makmur Resources.
Soe Resources will use the money to add heavy equipment fleets, operational fleets, construct infrastructure, stock pile, offices, exploration, working capital, and pay debts.
Post the IPO, SMR Utama will be controlled by PT Dana Hayati Wisesa with 13.33%, PT Alam Abadi Resources with 53.33%, and public shareholders with 33.33%

Disclosure: No position at the stock mentioned above.

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