JAKARTA: A plantation company PT Jaya Agra Wattie Tbk, that is controlled by Indonesian businessman Hadi Surya, plans to disburse IDR1.5 trillion to extend its plantation area within 5 years, Investor Daily reported, quoting the President Director Harijadi Soedarjo.
The company expected that its plantation area would be reach 100,000 hectares by the end of this year from 68,000 hectares. JA Wattie is eyeing oil palm and rubber plantation.
Jaya Agra set its initial share price at IDR500 a share, thus potentially raising IDR566.2 billion. The company will discharge 1.13 billion shares at the most. PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia are appointed as the underwriters.
About 90% of the proceeds will be used to finance rubber and crude palm oil planting program, and plant construction while the remaining 10% will be used to finance land acquisition, company's working capital and capital expenditure.
The company is targeting the crude palm oil processing plant to contribute at least 70% to the company's financial performance this year and the remaining 30% from rubber. (wiw)
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Source: http://www.bisnis.com/corporate/25383-jaya-agra-to-spend-idr15-trillion-to-extend-area
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