JAKARTA (TheInsiderStories) – The plantation firm, PT Triputra Agro Persada Tbk plans to offer as much as 925 million shares or 4.65 percent of total issued and fully paid up capital through initial public offering (IPO), the issuer announced on Thursday (03/18). Based on the prospectus, most of the proceeds will be use to increase equity participation in its subsidiary, PT Agro Multi Persada.
Then, the part of the fresh money will deliver to PT Sukses Karya Mandiri to construct a factory and working capita worth of Rp135 billion. The construction of new plant will begin in the second quarter of 2021 with a target of completion in 2022.
Early of 2020, the company has reported eyes around US$500 million from the IPO. Triputra Agro has set the offering period on April 5 – 6, estimated allotment on April 8, and listing on the Indonesia Stock Exchange on April 12. Acting as the joint-lead underwriter for the IPO is PT Ciptadana Sekuritas Asia.
Since 2012, the commodity producer owned by TP Rahmat and Subianto family, also backed by Singapore’ GIC and Northstar Group, has expressed its intention to list part of the company shares at the local bourse. Both tycoons are former directors of publicly listed, PT Astra International Tbk (IDX: ASII).
Currently, the existing shareholders of the company are PT Persada Capital Investama at 24.3 percent, PT Triputra Investindo Arya 23.54 percent, Salween Investment Pte. Ltd., 21.69 percent, Gochean Holdings Incorporated 15.82 percent, and PT Daya Adicipta Mustika 14.65 percent. The Group involved in the palm oil and rubber plantations, located in 13 districts in four provinces across the country, including Jambi, East Kalimantan, Central and West Kalimantan.
The producer has total oil palm and rubber land concessions 300 thousand hectares, of which 120 thousand hectares have been planted. In addition to plantations, the company also has five crude palm oil factories in Kalimantan and Sumatra with a capacity of 323,000 tons per year.
Beside Triputra Agro, the agribusiness unit under the group is PT Kirana Megatara Tbk (IDX: KMTR). The company and its affiliates currently have 170,000 hectares of planted areas. Its business divided into palm oil, palm kernel, and rubber. As of third quarter of 2020, the plantation firm produced around 1.8 million tones of palm oil products.
In detailed, crude palm oil 582,247 tones and palm kernel 121,114 tones. The manufacturer also has 15 units of palm oil mills with a total capacity of 845 tones per hour.
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