JAKARTA - PT Cahaya Bintang Medan Tbk (CBMF), a large-scale furniture manufacturer, earned Rp 60 billion during its Initial Public Offering (IPO) that took place in early April 2020. In the corporate action, the company released 375 million shares at a price of Rp 160 per share. The company appointed PT Indocapital Sekuritas and PT Semesta Indovest Sekuritas as joint lead underwriters.
Suwandi, President Director of CMBF, said that Indonesia has great potential for the furniture industry. "The growth of the domestic property business has a big impact on the growth of the furniture industry," he said as quoted by a press release on Thursday (9/4).
Achmad Budijanto, President Director of PT Indocapital Sekuritas said that 52% of the IPO proceeds will be used to purchase production machinery and 48% will be used as working capital. CBMF's controlling shareholders include PT Richiwa Sakti Indonesia (84.67%) and PT Sinar Makmur Rezeki (15.33%). (LK/AR)