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Schoko will conduct an IPO to seek funds for new factory

21 February 2019 09:45

JAKARTA. PT Wahana Interfood Nusantara plans to increase production by building a new factory in West Java. The construction of this factory will be funded with funds obtained from the company's initial public offering (IPO).

Based on the prospectus released by the company, the maximum number of shares to be released is 168 million or equivalent to 33.07% of the issued and fully paid capital in the company after the public offering.

The price of IPO shares is between Rp 178-Rp 198 / share. Thus, the company will obtain funds of Rp. 29.90 billion - Rp. 33.26 billion.

From the IPO results, 23.03% will be used to buy land and 15.81% of the funds will be used for the construction of the factory which is planned to be built in an area 2,291 square meters wide. Construction of the factory will begin in June this year. The remaining 61.16% will be used as advances for the purchase of new production machines with a total purchase value of Rp 18.56 billion.

Along with this public offering, the company also issues a maximum of 56 million warrants in series I or 16.47% of the total issued and fully paid capital at the time the registration statement is submitted. This Series I warrants are provided free of charge to new shareholders.

The initial offer period for price formation or bookbuilding will be conducted on 20-26 February and an effective statement from the Financial Services Authority (OJK) is expected to be obtained on 8 March.

The period of the public offering will be held on 11-13 March and the listing on the Indonesia Stock Exchange (IDX) is scheduled for 20 March 2019.

Wahana Interfood Nusantara is a cocoa processing company and premium chocolate products which are also exported to various countries under the Schoko brand. Some of the destination countries for distribution include Asia, Europe, Australia, including New Zealand and the United States. (AM/AR)

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