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Wednesday, February 16, 2011

Aditec postponed IPO

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Aditec Cakrawiyasa, producer of Quantum-brand stove and gas regulator, postponed their initial public offering (IPO) plan from initially last year end to maximun next year, even they already pocketed a prelisting contract.

Aditec Cakrawiyasa President Director Rawono Sosrodimulyo said there are two reasons that caused the postpone. First is about intension to boost its performance to be higher and waiting until capital market condition gets better.

Even have to decided to postpone the IPO, the company intend to doubled its initial IPO target fund from their previous number to support the corporate action.

"But we could not announce the amount, due to our underwriters instruction," said him early this week.

He also can not assure the IPO number whether will be around IDR500 billion or still less than those numbers. Previously, the company have announce the IPO plan targets less than IDR500 bio.

He said the future stock emitters also open possibility to re-picking their underwriters, related to 6 months contract that have been expired in Desember. The previous underwriter are PT Dinamika Usahajaya and PT Erdikha Elit Sekuritas.

Rawono said stove sales increase since September last year. The increasing numbers, he added, happen following the advertisement in electronic and printed media that been boosted in the mid 2010.

The stove company already pocketed a prelisting contract from Indonesia Stock Exchange (IDX/Bursa Efek Jakarta) that will follow by submit IPO document to Capital Market and Financial Supervisory Agency (Bapepam-LK).

IDX Company Assessment Director Eddy Sugito said Aditec also need to update their pre-listing document to bourse authority.



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