SBAT will use 78% of its IPO proceeds as CapEx budget
JAKARTA - PT Sejahtera Bintang Abadi Textile Tbk (SBAT) has allocated 78.55% of its Initial Public Offering (IPO) proceeds of Rp 44.62 billion for capital expenditure (CapEx) purpose. In the corporate action that took place in early April 2020, the company released 425 million shares at a price of Rp 105 per share.
In a press release on Wednesday (8/4), Jeffri Junaedi, President Director of PT Sejahtera Bintang Abadi Textile Tbk (SBAT) said that his party remained optimistic that it could record business growth despite the turmoil in the stock market. During the allotment on 1-3 April 2020, SBAT shares were oversubscribed by 1.42 times.
SBAT management said that the listing of the company's initial public shares took place on the Indonesia Stock Exchange (IDX). In addition to issuing shares, the company also issued Series I warrants. Each new shareholder obtained a warrant with an exercise price of Rp 120 per share. (LK/AR)