JAKARTA - PT Esta Multi Usaha Tbk (ESTA) postponed its plan to use its initial public offering (IPO) proceeds, which reached Rp 21.24 billion, until mid-July 2020. The postponement is mainly caused by Large-Scale Social Restrictions (PSBB) imposed by the government.
According to the company's prospectus, ESTA will use Rp 6.68 billion for hotel construction, Rp 4.12 billion to purchase vehicles, and Rp 10.43 billion as working capital
So far, the funds were placed in deposits (Rp 21 billion with an interest rate of 10% per year for three months) and savings (Rp 241.24 million with an interest rate of 1.25% per year for 12 months).
ESTA's management explained that during the pandemic, the company suspended some of its operations. (LK/AR)