JAKARTA, May 8: PT Dharma Satya Nusantara plans to raise up to 1 trillion rupiah ($113 million) in an initial public offering by June, becoming the third Indonesian plantation firm to list on the country’s stock exchange this year.
Dharma Satya, owned by Indonesian tycoon Theodore Permadi Rachmat, has set a price range of 1,780 to 2,150 rupiah for 500 million shares, which would be equivalent to 21.3 percent of the company, underwriters said in statement.
Proceeds from the offering will be used to expand its palm oil business in Kalimantan.
Ciptadana Securities and BCA Sekuritas have been named as underwriters for the IPO.
Weakening commodity prices have pressured Indonesian crude palm oil producers’ earnings in the latest quarter.
($1 = 9,734.5 rupiah)
(AGENCIES)
Follow our WhatsApp channel