Oct 21, 2011

Cardig Aero Services sets 15% IPO

PT Cardig Aero Services Tbk, parent company of publicly listed PT Jasa Angkasa Semesta Tbk, launches a 313.03 million shares or 15% of its total equity via initial public offering (IPO) scheduled on November 29 this year.
The shares are consisting of 166.95 million shares of the company portfolio and 166.95 million shares owned by PT Cardig International, that currently holds 51% stake in Cardig Aero.
Referring to the IPO prospectus published today, Cardig Aero has mandated PT Bahana Securities as the only lead underwriter with fully commitment underwriting.
About 40.63% of the IPO proceed will be used as an equity participation in PT Purantara Mitra Angkasa Dua, 40.63% will be allocated as equity additional in PT Cipta Anugrah Sarana Catering, and 18.75% for debt payment to Standard Chartered Bank.
Cardig Aero is now owned by two major shareholders Cardig International and PT Menara Nusantara. Cardig Aero has four subsidiaries namely Jasa Angkasa Semesta (50.10%), PT Jas Aero Engineering Services (51%), PT Citra Anugra Saranaboga, dan Cipta Anugrah Sarana Catering.

Disclosure: No position at the stock mentioned above.

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