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Arita Prima lists shares on IDX
Valve distributor PT Arita Prima Indonesia listed its shares on the Indonesia Stock Exchange (IDX) on Tuesday after the company sold new shares to the public earlier this month
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alve distributor PT Arita Prima Indonesia listed itsshares on the Indonesia Stock Exchange (IDX) on Tuesday after the company soldnew shares to the public earlier this month.
The shares, sold under the code APII, surged 13.6 percent to Rp 250 (2 US cents), up from their initial public offering (IPO) price of Rp 220 in the earlier trading session. The share price rose a further 50 percent in the afternoon to close at Rp 330.
The company raised Rp 60.5 billion by selling 275
million shares, equal to 25.6 percent of its enlarged shares, to the public in
an IPO held in October. Low Ye Lean, its president director, said that it would
use 75 percent, or
Rp 45.37 million, of the IPO funds for working capital, including opening more
branches, and the rest to refinance its short-term loans.
At the moment, the company operates 23 office branches, five representative offices and eight warehouses. In 2014, it hopes to expand its business to manufacturing by constructing valve factories in Purwakarta, West Java.
It plans on constructing between 20 and 30 factories within a six-year period, with an investment value of around Rp 30 billion to Rp 50 billion per factory. Funds for the expansion would either be generated from its internal funds or bank loans, Low said
