JAKARTA - PT Master Selam Nusantara (MSN), a subsidiary of PT Sinar Eka Selaras Tbk (ERAL), will operate two outlets of diving equipment in the fourth quarter this year. The fund source originates from the proceeds of its initial public offering (IPO) held last week (2-4/8).

Based on the short prospectus quoted today (8/8), this company issued 1.07 billion shares for IDR 390 each last week (2-4/8). The target proceeds of this corporate action is IDR 404.62 billion, allocated for loans and working capital to several of its subsidiaries, including PT Era Gaya Indonesia (EGI) and MSN.

ERAL will channel 13.75% of the IPO proceeds amounting to IDR 55.43 billion, equal to IDR 19.4 billion, for EGI. Meanwhile, MSN will receive 65% of them, or equivalent to IDR 36.01 billion. With this amount of capital, MSN will utilise it as working capital for procuring and completing the sales supporting inventories in those new stores. The remainder will be used as capital expenditure (capex), including acquiring the equipment and infrastructure for new outlets. (LK/ZH)