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KETR to channel 90% of its IPO proceeds to its subsidiary

09 November 2022 08:38

JAKARTA – PT Ketrosden Triasmitra Tbk (KETR), a fibre optic network developer, will advance 90% of the proceeds of its initial public offering (IPO), which ended yesterday (8/110), to its subsidiary, PT Triasmitra Multiniaga Internasional (TMI), as an additional capital.

Based on the short prospectus quoted this Wednesday (9/11), KETR offered 426.2 million shares for IDR 300 each in its IPO. They are equal to 15% of the issued and paid-up capital post-IPO, which amounts to IDR 284.12 billion.

The IPO proceeds are estimated to reach IDR 127 billion, 10% of which, or IDR 12.7 billion, will be allocated to KETR’s own working capital. Meanwhile, another 90% will be utilised as TMI’s capital. TMI will then use the 10% as working capital, while another 80% will be advanced further to its own subsidiary, PT Jejaring Mitra Persada (JMP) as an extra capital as well.

Prior to this corporate action, KETR’s authorised capital arrived at IDR 800 billion, while the issued and paid-up capital clocked up to IDR 241.50 billion, and the stock in portfolio was worth IDR 558.49 billion. PT Fajar Sejahtera Sejahtera Mandiri Nusantara (FSMN) controlled 66.506% of them, followed by PT Gema Lintas Benua (GLB) of 31.686% and Petrus Sartono of 1.808%. (LK/ZH)

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