JAKARTA. PT Sumber Global Energy Tbk (SGER) has spent all of the funds obtained from its initial public offering (IPO) on the Indonesia Stock Exchange (IDX) (Rp 54 billion).
President Director of SGER Welly Thomas said during the company's IPO on 10 August 2020 that the company was in need of funds for its working capital and to provide loans to its subsidiary, PT Suryamica.
In a disclosure published on the Indonesia Stock Exchange's (IDX) website today, Welly explained that SGER's IPO funds had been absorbed for working capital (Rp 45 billion) and as loans to Suryamica (Rp 5.77 billion). The rest of the funds were used for IPO expenses.
For the record, during its IPO, SGER offered 500 million new shares at a price of Rp 108 per share. (KR/AR)