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Saturday, February 19, 2011

Salim Ivomas will IPO $280 mio in IDX

Irvin Avriano A.

Salim Ivomas will IPO $280 mio in IDX

JAKARTA: PT Salim Ivomas Pratama, one of PT Indofood Sukses Makmur Tbk several agri business subsidiaries, commit to list their shares in Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia/BEI) through initial public offering (IPO). Rumour said that the IPO worth US$280 million and already picks three underwriters.

Indofood Director & Corporate Secretary Werianty Setiawan said even they will enlisted the stocks, the process is still in open option and could not assure the time and readiness off the IPO.

"The public offering plan is still depends on several things, agreement from related institutions and from authorities, shareholders if needed, and market condition," said Werianty in IDX information disclosure yesterday.

Hence, said her, the company have not be able to details the IPO process. Salim Ivomas is also a parent company of another Salim Group listed company, PT PP London Sumatra Indonesia Tbk (Lonsum).

Nonetheless, she assure Salim Ivomas still will be Indofood subsidiary after the IPO has been done.

Several information that been Bisnis compiled also shows Salim Ivomas have appoint PT Mandiri Sekuritas, PT Kim Eng Securities, and PT Deutsche Securities Indonesia joint lead underwriter of the public offering. The IPO also said worth US$280 million.

Indofood owned 60.4% of Salim Ivomas shares while the future emitters that coded SIMP have 59.49% of Lonsum's shares.

The portion stakes grow after the other Salim Group agribusiness company, Indofood Agri Resources Ltd (IndoAgri), sell their 109.52 million stakes in Lonsum to investors and Salim Ivomas worth total US$183.8 million (IDR1.27 trillion) or IDR11,600 per share in early December 2010. IndoAgri listed their shares in Singapore Stock Exchange (SGX) with shares code IFAR.

Previously, Salim Ivomas already come to capital market by enlisted their I/2009 bond and I/2009 sukuk worth total IDR730 bio. The issuance shrunk from initial target IDR1.25 trio, recently planned to be divided into IDR1 trio conventional and the rest is sukuk.

The nominal issuance declined because of intractability of the management that insist to set the coupon by their own judgement and don't want to accept suggestion to improve the coupon to absorb more investor funds. The base of the judgment is that they insist they are still a Salim Group company, that eligible to earn low coupons from the investors.

The bond divided into conventional shape worth IDR452 bio and sukuk IDR278 bio. Both burdened 11.65% coupon, pocketed idAA- and idAA-(sy) from PT Pemeringkat Efek Indonesia (Pefindo), and will mature in 2014.

Salim Ivomas's business activities are research and development, breeding and cultivation of oil palm, to milling and refining of crude palm oil (CPO), and marketing of cooking oil, margarine, shortening, and its derivative products. Their brands are Simas, Amanda, Delima, Queen, and Palmia.

At the end of June 2010, the 90% Salim Ivomas shareholders are Indofood Oil and Fats Pte Ltd-Singapore. The others are Indofood Sukses Makmur 8%, PT Mandiri Investama Sejati 1.29%, PT Bina Makna Indopratama 0.39%, and PT Multi Langgeng Nusantara 0.32%. Indofood Oil & Fats is a full subsidiary of IndoAgri.



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