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Thursday, October 7, 2010

Local investor only given small portion in Indofood CBP IPO

BI/bourse
7/10/2010
Irvin Avriano A., Stefanus Arief S. (09), Gita Arwana C. (06), Idam Sari Dewi (16)
Bisnis Indonesia

Local investor only given small portion in Indofood CBP IPO

JAKARTA: PT Mandiri Sekuritas only get below 10% portion of allotment in PT Indofood CBP Sukses Makmur Tbk in its initial public offering, that indicating local investors in the listing action was small.

"The majority of foreign investors is greater than the local [investors], [our allotment portion] were just under 10%," said Mandiri Sekuritas Director Kartika Wirjoatmodjo told reporters today.

Mandiri Sekuritas is one of four underwriter of the shares issuance. In addition to state-owned securities company, the other underwriter is PT Deutsche Securities Indonesia, PT Kim Eng Securities, and PT Credit Suisse Securities Indonesia.

In the IPO, the company release off as much as 1.16 billion shares, or 20% of the total outstanding shares after the offering. The funds obtained from the shares issuance worth IDR6.29 trillion.

Indofodd CBP is one of subsidiary of PT Indofood Sukses Makmur Tbk, a combination of several divisions of instant noodle manufacturers, milk, seasoning, and other consumer products.

Head of Corporate Finance Kim Eng Securities Setiawan Darmawidjaja justify the small portion of local investors in the IPO. He said foreign investors seek to buy the shares because of the new issuance from one of a Salim Group corporation was judged promising and good, fundamentally.

"The domestic macro economy is still good, both supporting the foreign investor judgment."

Werianty Setiawan, Indofood Sukses Makmur Corporate Secretary and also the Indofood CBP director, said the company help organize the distribution of allotment in the allocation of Indofood CBP new shares. He also denied the notion that states the company's management determines the portion of the allotment of investors.

"We and the underwriter, together."

Shares of companies whose coded ICBP stands at IDR5,850 level this afternoon, which had reached to the highest level IDR6,200 on at 9.30 this morning. The company share prices opened climbed a little to level IDR6,000, in the trading opening this morning, from the initial price of the shares IDR5,395.

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