Monday, March 24, 2008
Indonesian Plantation Firm to Stage IPO in April
Source: Antara

Jakarta - PT Gozco Plantations has said it will sell 1.5 billion shares or 30 per cent of its shares in an initial public offering (IPO) to be held next month.

The company said it hoped to secure approval from the capital market and financial agency watchdog Bapepam in the first week of next month. The company has named CLSA and Semesta Indovest as lead underwriters.

It said that 10 per cent of the funds from the share sales would be used to repay a debt owed by subsidiary PT Suryabumi and 15 per cent to increase its working capital, with the rest to finance seedling growing and cultivation.