JAKARTA – PT Citra Borneo Utama Tbk (CBUT) will expand its palm refinery facility, investing a total of IDR 232.87 billion. Said amount of money will be taken out of the proceeds of its initial public offering (IPO) that took place last week, from November 1 to 4, 2022.
In the short prospectus quoted today (8/11), CBUT is said to aim for fresh funds of IDR 431.25 billion in its IPO. In its debut, CBUT offered 625 million shares for IDR 690 each. Those shares are approximately 20% of its own issued and paid-up capital post-IPO.
Then, 54% of the IPO proceeds will be allocated to establish an additional facility for palm product refinery. As of now, CBUT’s refinery plant is located in Kumai Hulu, West Kotawaringin, Central Kalimantan. Meanwhile, another 44% will be utilised as working capital, particularly for purchasing crude palm oil (CPO) and palm kernels as raw materials, as well as increasing the utilisation level of kernel crushing and refinery plants.
After its IPO, CBUT’s authorised capital rises to IDR 1 trillion, while its issued and paid-up capital clocks up to IDR 312.50 billion. Its portfolio holds a stock worth IDR 687.50 billion. PT Citra Borneo Indah (CBI) controls 54.40% of the shares, followed by PT Sawit Sumbermas Sarana Tbk of 17.60%, PT Kalimantan Sawit Abadi (KSA) of 4%, PT Mitra Mendawai Sejati (MMS) of 4%, and the public of 20%. (LK/ZH)