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Watsons operator sees share price upturn in Indonesia trading debut
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Indonesia Stock Exchange (IDX) president director Tito Sulistio (second left), PT Duta Intidaya Tbk (DAYA) independent director Sukarnen (left), president commissioner Yenny Wahid (second right) and president director Lilis Mulyawati (right) look at the trading panel at the IDX building in Central Jakarta on June 28. (The Jakarta Post/Viriya Paramita S.)
T
he newly listed PT Duta Intidaya, the sole operator of Watsons stores in Indonesia, has concluded its debut trading session with an 8 percent increase in its shares price to Rp 195 per unit (10 US cents).
The company offered 478 million shares at Rp 180 per unit, taking Rp 86 billion. Sixty-five percent of the proceeds will be used to expand outlets while the remaining 35 percent will go toward paying off a Rp 29.14 billion debt to London-based lender HSBC.
“We have allocated capital expenditure to build 20 new Watsons stores, with a budget of around Rp 1 billion for each store,” Dita Intidaya independent director Sukarnen said at the Indonesian Stock Exchange (IDX) building in Jakarta on Tuesday.
Currently, the firm operates 47 Watson stores through a sole and exclusive licensing arrangement with the Hong Kong-based A.S. Watson Group in Jakarta, Banten, West Java and Central Java.
More stores will be built, particularly in Java and Bali islands, Sukarnen said. The firm aims to see a 20 percent growth in revenue this year.
Duta Intidaya president director Lilis Mulyawati said the company aimed to expand its business through e-commerce as well, targeting for 50 percent of all sales to come from electronic transactions in 2020. (vps/ags)
