JAKARTA – PT Nusa Palapa Gemilang Tbk (NPGF), a fertilizer manufacturer, is currently offering 648,047,200 shares to the public with the price of IDR 100 each from last week until today (7/4). The funds gathered were estimated to reach IDR 64.80 billion.
Based on the short prospectus on Wednesday (7/4), IDR 50.04 billion of the funds from the IPO would be used to acquire land on Sidoarjo, East Java; another IDR 10.15 billion would be allotted to the capital expenditure to pay off the production machine, thus adding more fertilizing products variants; and the remaining would be spent on purchasing production materials.
The seller of the land in Sidoarjo is Ujang Suparman, the President Commissioner and the ultimate beneficial owner of NPGF. This purchase would ensure the fertilizer factory’s productivity in the area and eliminate the burden of land rent to Ujang Suparman.
The management of NPGF mentioned that the amount of the offered shares was around 20% of the issued and paid-up capital after the IPO. Currently, NPGF has an authorised capital of IDR 518.43 billion and the issued and paid-up capital of IDR 129.60 billion. The share ownership structure consists of PT Atmaja Makmur Gemilang (AMG) owning 70.01%, and PT Nebula Persada Gemilang (NPG) owning 29.99%. After this corporate action, the issued and paid-up capital of NPGF would reach IDR 162.01 billion, with AMG holding 56.01% of the shares, NPG 23.99%, and the remaining 20% would belong to the public. (LK/ZH)