Manganese producer PT SMR Utama Tbk has set its initial public offering (IPO) at Rp600 per share, saying it will sell 500 million of new shares or 33.33% of its enlarged capital to the public investor. In total, SMR Utama will gran a proceed of Rp300 billion from the IPO.
SMR Utama, that plans listing on October 10 2011 at Indonesia Stock Exchange, will use Rp250 billion of the proceed for additional capital paid in in PT Soe Makmur Resources (SMR).
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%. PT Andalan Artha Advisindo Sekuritas (AAA) is the IPO's lead underwriter.
Disclosure: No position at the stock mentioned above.
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