InfoSAWIT, JAKARTA – One palm oil plantation company operating in Medan, North Sumatera, PT Cisadane Sawit Raya would join in Bursa Efek Indonesia (BEI) to the initial public offering (IPO) within the listing target in the exchange on 9 January 2020.

The company was made on 28 October 1983 by the local businessman, Rudi Suhenda (alm) and Johanna Wirjoprawiro (alm) who have been in partnership and cooperating for more than 25 years.

Based on the prospect of the company published on Monday (16/12/2019), the company would release 410 million shares within Rp 100/share or representing 20% of the capital that would be given by the company.

As quoted from CNBC Indonesia, the IPO share is not decided yet by the company and neither is the fund target.

Cisadane took PT UOB Kay Hian Sekuritas as the guarantor of underwriter while the others would be determined.

The time of IPO would be on 16 - 23 December; the effective date predicted by Otoritas Jasa Keuangan (OJK) would be 30 December and the time to bookbuilding would be on 31 December – 3 January 2020.

The IPO fund result would be used by the company as the capital, such as, to buy fertilizer, buying the fresh fruit bunch (FFB) from the people, and to pay the contractors for renting the heavy tools and construction.

The shares of the company mostly belong to PT Verdan Sawit Lestari 26,76%, PT Sapta Sawit Lestari 47,50%, and PT Sawit Inti Perkasa 27,74%.

Based on the financial report, the company’s asset per 30 June 2019 reached Rp 1,35 billion or increased from December 2018 which reached Rp 1,28 billion.

The income of the company per June 2019 reached Rp 223,46 billion from the June 2018 that reached Rp 278,08 billion; while the net profit in the first three months in this year reached Rp 4,43 billion, which decreased from Rp 14 miliar. The profits in 2018 also decreased Rp 28,82 billion from those in 2017 which reached Rp 98,47 billion. (T2)