CCSI has used Rp 10.06 billion of its IPO proceeds

06 August 2020 15:31

JAKARTA - A year after making its debut on the Indonesia Stock Exchange (IDX), PT Communication Cable System Indonesia Tbk (CCSI) has only used Rp 10.06 billion of its IPO proceeds, from a total of Rp 45.35 billion. This is mainly caused by the fact that the company is still conducting surveys of the lane and landing point for its Sea Cable Communication System (SKKL) project. This was conveyed by Adi Susetio, Director of HRD and GA of CCSI in teh company's disclosure published on Thursday (6/8).

According to the company's IPO prospectus , the company plans to use its IPO proceeds as capital for its various projects and also to support its operations. However, by the end of the first semester of 2020, the company still hold Rp 35.47 billion of its IPO proceeds.

He said that the company's Java-Bali SKKL project, in particular the deployment of cable (post mainlay) connecting Muncar (Java) and Candikusuma (Bali) has been underway since the end of June 2020. (LK/AR)

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