Samator Gas to allocate IDR 84 billion for business expansion
JAKARTA - PT Samator Indo Gas Tbk (AGII) will allocate IDR 84 billion for business expansion, including the improvement of factory utilisation rate and the market. The source of fund for this plan is said to come from the proceeds of the issuance of Shelf-Registration Bonds and Sukuk III Phase I Year 2023.
Based on the short prospectus quoted today (2/10), this issuer is reported to offer Shelf-Registration Bonds and Sukuk III Phase I Year 2023 of IDR 70 billion each this week, from October 3 to 5, 2023. These securities will be offered in series A and B with tenors set to three and five years, respectively.
The total proceeds of the issuance of Shelf-Registration Bonds and Sukuk is targeted to reach IDR 140 billion, 60% of which, or equal to IDR 84 billion, is allocated for the acquisition of gas production equipment, pumps, and its supporting tools, in order to promote business expansion. Until Q1 2023, the factory utilisation rate reached 67%.
The remaining 40%, or IDR 56 billion of the proceeds, will then be allocated to the purchase of infrastructure and facilities, including storage tank, gas bottles, microbulk, lorrytank, and iso tank.
The business expansion plan of AGII emerges due to increased demands for nitrogen and argon from the downstream industries of battery, tyre, and automotive component production, as well as demands for medical gas from hospital sector. (LK/ZH)