Toba Surimi to buy 5 fishing vessels

10 August 2022 12:44

JAKARTA – PT Toba Surimi Industries Tbk (CRAB), a processed fish manufacturer, will acquire five units of fishing vessel to catch fish and other seafood. Gindra Tardy, President Director of CRAB, announced said plan in the press release quoted Wednesday (11/8).

“The vessel acquisition aims to aid the expansion of production capacity. The company will utilise the initial public offering (IPO) proceeds,” Tardy further explained.

According to Tardy, the total expenditure for said productive asset acquisition goes to approximately IDR 3.1 billion. Furthermore, the company will employ its own fishermen in order to ensure the quality of the seafood. Above all, the quality of the end product will determine the market approval over CRAB’s goods.

CRAB is known to have offered 390 million shares for IDR 150 to the public last week, from August 2 to 8, 2022. The total proceeds gained during said corporate action are estimated to reach IDR 58.50 billion, 94.35% of which will be allocated to the working capital before channelling it to the capital expenditure. (LK/ZH)

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