JAKARTA. PT Pinago Utama, a Crude Palm Oil (CPO) and rubber producer, is trying to raise Rp 39.06 billion by listing its shares on the Indonesia Stock Exchange (IDX) or IPO on 31 August 2020.
This was conveyed by Head of Corporate Valuation Division 2 of IDX, Vera Florida and Head of Trading Operations of IDX, Irvan Susandy, through an official announcement. They announced that Pinago shares will be listed with PNGO code.
In the prospectus released by Pinago Utama, the company explained that the total number of shares to be listed on the IDX are 156,250,000 shares. 80,000 or 0.0512% of the shares offered will be allocatef for the Employee Stock Allocation (ESA) program.
The total shares offered by Pinago Utama are equivalent to 20% of the issued and paid-up share capital. Each share offered has a face value of Rp 80, with an offering price of Rp 250 per share. Pinago Utama appointed PT Panin Sekuritas Tbk (PANS) as the underwriter in its IPO.
Pinago Utama management said the IPO proceeds will be allocated as working capital. "Such as for purchasing fertilizers, Fresh Fruit Bunches (FFB) Palm Oil, and Rubber Materials (Bokar) from the people, and also to cover heavy equipment rentals and construction expenses ," explained Pinago Utama management through its official prospectus. (KR/AR)