Dyandra Media International Rises After Trading Debut Insider Company
Shares of Dyandra Media International, the exhibition and events unit of a media conglomerate Kompas Gramedia Group, increased 10 percent to Rp 385 after its trading debut at the Indonesia Stock Exchange on Monday.
Dyandra said in a statement on Monday, it raised Rp 448.7 billion ($46.1 million) from selling 30 percent of its enlarged equity, for Rp 350 per share.
It sold a total of 1.28 billion new shares to investors, of which 55 percent were dedicated to local investors and the remaining to
foreign investors.
Dyandra’s president director Lilik Oetama, who is also the son of Kompas Gramedia Group founder Jacob Oetama, said the IPO proceeding was “in line with the expectations of the company’s management, commissioner as well as supporting financial consultants.
Danny Budiharto, Dyandra’s operational director said he was upbeat that the events and exhibition industry in Indonesia will grow robustly in the next five years.
Dyandra has 31 subsidiaries under its control across Indonesia. They are involved in the Meetings Incentive, Conference and Exhibition business as well as property and hospitality sector.
Dyandra said on Monday’s statement, it will allocate the bulk of the IPO proceeds to help finance capital expenditure.
