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Cerestar Indonesia eyes IDR 315 billion in IPO

21 June 2022 11:22

JAKARTA. PT Cerestar Indonesia Tbk (TRGU), a flour producer that is owned by the Widjajas, will enter its Initial Public Offering (IPO), aiming to collect fresh funds of IDR 315 billion.

The amount of shares offered by TRGU in its IPO clock up to 1.5 billion units, which are equivalent to 18.88% of its issued and paid-up capital. Each share is valued at IDR 100, and it will be offered for IDR 200-210 per share.

In the issued prospectus, TRGU will employ 46.67% of the IPO proceeds to expand the factory capacity of PT Harverstar Flour Mills (HFM), one of its subsidiaries. Then, another 20% will be channelled to land acquisition, also carried out by HFM, while the remaining 33.33% will be used to increase the capital expenditure budget of another subsidiary, PT Agristar Grain Industry (AGY).

The preliminary stage of the public offering (bookbuilding) of TRGU’s shares will last from June 17 to 23, 2022. Then, the public offering will take place on July 1-5, 2022, followed by the listing on Indonesia Stock Exchange (IDX) on July 7, 2022.

Currently, 99.99% of TRGU’s shares are still under the control of PT Sunterra Indonesia, while the small remaining percentage belongs to Hondro Widjaja, President Commissioner of TRGU.

Based on idnfinancials.com data, Sunterra Indonesia is a limited company that is controlled by its own commissioners. The Board of Commissioners of TRGU consists of the Widjajas, including Hondro Widjaja, Kadir Widjaja, Artin Widjaja, and Tarso Widjaja. (KR/ZH)

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