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Economy in brief: RNI plans IPOs of subsidiaries

SUBANG: State-owned agribusiness company PT Rajawali Nusantara Indonesia (RNI) is preparing the initial public offerings (IPO) for two of the companyâs subsidiaries to raise funds for expansion

The Jakarta Post

Mon, September 9, 2013 Published on Sep. 9, 2013 Published on 2013-09-09T11:59:17+07:00

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UBANG: State-owned agribusiness company PT Rajawali Nusantara Indonesia (RNI) is preparing the initial public offerings (IPO) for two of the company's subsidiaries to raise funds for expansion.

.The subsidiaries which will conduct an IPO include sugar mill company PT PG Rajawali 1 and palm oil company PT Perkebunan Mitra Ogan.

'The first one to go public is probably PG Rajawali 1, which contributes 35 percent of RNI's profit,' said RNI president director Ismed Hasan Putro in Subang, West Java, on Friday, as reported by Kompas.com.

Ismed also said RNI was also considering the IPO of PT Perkebunan Mitra Ogan to raise additional funds for expansion. But, the timing had not been fixed as the CPO market was still under pressure due to the fall in CPO prices.

RNI would decide which company would go public first next October, according to Ismed.

RNI also plans to sell additional shares of PT Phapros, its subsidiary which has been listed on the stock market. The secondary share offering will increase the public's ownership to 55 percent from 30 percent at present.