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Jaya Agra falls slightly on IDX debut
JAKARTA: The stock price of PT Jaya Agra Wattie Tbk
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J
AKARTA: The stock price of PT Jaya Agra Wattie Tbk. (JAWA) fell slightly to close at Rp 495 (5.8 US cents) on its debut on the Indonesian Stock Exchange (IDX) on Monday, falling from its initial public offering (IPO) price of Rp 500.
The company’s stock price reached a high of Rp 550 in midday trading before falling off in the afternoon.
Company director Bambang Ibrahim said during the listing
of the company’s shares at the IDX that his firm would allocate 90 percent of the IPO proceeds of about Rp 565 billion to expand oil palm and rubber plantations in Java and Kalimantan. The remainder would be used to acquire new cultivation areas, he said. — JP
