JAKARTA – PT Ladang Baja Murni Tbk (LABA) offered 200 million shares, with the execution price of IDR 125 each, in the Initial Public Offering (IPO) last week (2-4/6). LABA seeks a maximum of IDR 25 billion funds from this corporate action.
From the prospectus, quoted Monday (7/6), the company would issue a Warrant Series I of 280 million units, with the price of IDR 150 each. The warrants issuance would take place from December 10, 2021, until June 7, 2024. The target for this issuance is IDR 42 billion.
Half of the funds gathered from this action would be used as the working capital, and the other half would be stores as the capital expenditure. The working capital would be spent on third-party carbon and special steel purchase, while the capital expenditure would be allocated to buy two CNC Miling machines and renovate the Cibitung factory in West Java.
LABA’s authorised capital is reported at 3.2 billion shares, with IDR 25 each, or equal to IDR 80 billion. The issued and paid-up capital comprises 800 million shares with IDR 25 each, equivalent to IDR 20 billion. The shares ownership structure involves PT Adyatama Global Investama (AGI) 60% and PT Alfa Omega Investindo (AOI) 40%. After the said corporate action, the issued and paid-up capital of LABA would increase to IDR 32 billion, owned by AGI 37.50%, AOI 25%, the public 15.625%, dan the Warrant Series I 21.87%. (LK/ZH)