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Sunday, November 15, 2009

Lorena Transport eyes on IDR150 billion IPO


as published in Bisnis Indonesia daily
Saturday, 14/11/2009 00:00 WIB
Lorena Transport eyes on IDR150 billion IPO

JAKARTA: PT Eka Sari Lorena Transport plans to have initial public offering (IPO) worth IDR100 -150 billion in semester I/2010. Eka Sari Lorena is the subsidiary of PT Lorena Karina, the transportation provider.

"The company will wait for the financial statement of December this year as the document basis for the issuance," said President Director of PT Reliance Securities Tbk Orias Petrus Moedak to the press yesterday.

Reliance Securities is the underwriter for Lorena Transport IPO. "The IPO fund will be allotted for the capital of the family business and business expansion."

Lorena Karina is the Lorena Group firm majoring in land transportation connecting cities in Java, Sumatra, Bali, and Madura.

Orias said Reliance has eyed the underwriting of IPO of a food producer company worth IDR300-400 billion.

The target of bond and stock underwriting by Reliance Securities will reach IDR600 billion next year.

Responding to the EGMS of Reliance Securities yesterday, he said the company get approval for insuring IDR187.5 billion corporate assets as the collateral for the issuance of bond.

"The asset is allotted for the bond collateral which will be issued next year worth IDR125 billion with one and three years tenure."

The company plans to allocate the bond fund for developing online trading, to enlarge corporate investment banking division, and adding branch offices.

Besides that, the company also got approval from shareholders to convert the long investment of some stock portfolio into bank shares worth IDR100 billion.

He has studied two banks are in need of capital injection and the amount is the same of those to be allotted by Reliance Securities.

The largest investment portfolio is PT Kawasan Industri Jababeka Tbk, PT Sentul City Tbk, and PT Ades Waters Indonesia Tbk. (21)

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