JAKARTA. PT Estetika Tata Tiara (BEEF) will increase its net profit to 4-fold or Rp 80 billion this year, after obtaining Rp 128 billion from its initial public offering (IPO) on 10 January.
Frederik Wattimena, Independent Director of BEEF, said that the increase in net profit would be driven by the company's increased production capacity. "This target is in line with the strategy to increase production capacity through the acquisition of funds from IPOs," Wattimena said in his official statement on Wednesday (9/1) today.
BEEF will offer 376,862,500 shares, equivalent to 20% of the total issued and paid-up capital in the IPO. 45% or Rp 57.66 billion of the initial share sale will be used to purchase live cattle, 25% or Rp 32.03 billion for the purchase of goods, and 30% or Rp 38.44 billion for the expansion of building facilities. (KR/AR)