PT. Dharma Satya Nusantara [DSN] was a company belonging to ex director
PT Astra International Tbk [ASII] Theodore Permadi Rachmat who had booked
shares with code [DSNG] on Friday [14/6] at the Security Exchange [BEI] hall
where they swayed their way to success.
During opening session of shares offering DSNG had positive response
from investors; evidently during transactions index of IHSG at the first minute
of DSNG transaction soared to 94 points to 4,701.
Even 3 minutes after opening sessiom, IHSG already strengthened above
120 points. During IPO the company was able to reap fund of Rp508.7 billion as
Rp1,850 per unit was offered. Total market capitalization of shares of Dharma
Satya Nusantara was posted at Rp32.92 trillion.
Dharma Satya was the 11th emitent who booked shares sinbc
early this year. At BEI Security Exchange the Company’s shares was placed in
the upper list. Acting as underwriter Was PT Ciptadana Securities and PT BCA
sekuritas.
The company which specialized in palm
plantation, CPO production and logging business were glanced by many
investors as they were associated with PT Rachmat who was President Of Astra
International Tbk [ASII] and left his office only in 2002.
Teddy Rachmat set up his own company by the name of Group Tirta Putra.
Thanks to this company, the name Teddy Rachmat was listed as one of the richest
man in Indonesia by Forbes magazine in 2012. For estimated Teddy’s wealth at
around USD 1.1 billion and he was among the top 16 richest men in Indonesia.
As recorded total market capitalization of DSNG after initial listing
would come to Rp2.53 trillion. This emitent of the agribusiness sector made
Initial Public Offering by releasing 275 million shares to the public at 21.32%
of Initial price of Rp1,850 per share.
“This recorded shares was our success to stimulated better performance”
company’s director Djojo Boentoro told the press after listing at the BEI
building.
Djojo Boentoro disclosed that more than 50% the fund obtained from IPO
would be used for new investment and building of new Factory in Muara Wahau.
Meanwhile around 30% was for payment of part of bank’s credit around 10% of
fund for relocation of wood processing center, and the rest for company’s
working capital.
The company allocated fund for capital expenditure for the next 3 years
at USD 270 million. As planned the sizable capital expenditure would be spent
on two company’s factories, and new investment process each year would absorb
around USD 90 million per year.
Offer Price Changes
Initially the company offered shares at around Rp1,780 - Rp2,150 per shares, the number of shares to
be released was 500 million shares or equal to 21.32 percent of paid up capital
after IPO at nominal value of Rp100 per shares.
However according to the official statement the company only released
275 million shares or equal to 12.97 percent. All in all the total company’s
IPO value came Rp508.75 billion. The fund obtained from IPO would be used for
company’s activities among others: 50 percent for new investments and building
of a new factory at Muara Wahau.
Meanwhile 30 percent would be used for paying part of bank’s credit.
Around 10% would be used for relocation of wood processing factories and the
rest for company’s capital expenditure. Djojo said that enterprise to increase
investment in subsidiary companies had obtained new location permit to be
exercised in 2014 in East Kalimantan, Central Kalimantan and West Kalimantan.
The objective of new investment and building of new factories to
increase CPO production and to maintain performance of companies owned by
companies. Admittedly resource in Kalimantan was quite far away which needed
high transportation cost.
Today the company was in possession of land reserves totaling 181.104
hectares with total planted area converging 61.052 hectares. Judging from the
recorded production output, DSNG was one of the leading companies in TBS and
OER production. The company’s TBS product was posted at 22.9 tons per hectare,
while OER was stable at 24 percent for the past years, exceeding that of
similar companies in Indonesia and Malaysia.
By December 31, 2012, the company possessed total asset of Rp5.14
trillion with liabilities amounting to Rp3.73 trillion. Income was posted at
Rp3.41 trillion with net profit of Rp245 billion. The composition of
shareholders after IPO was: PT Triputra Investindo Arya 27.04 percent, PT Mitra
Aneka Guna 10.28 percent and PT Nur Cakrawala 7.51 percent. The rest was owned
by individuals and some other companies and public 12.97 percent. (SS)
Business News - July 19,2013
No comments:
Post a Comment