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Forza Land makes debut listing on IDX
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The commissioners and directors of PT Forza Land Indonesia (FORZ) pose for a photograph after the company's listing ceremony at the Indonesia Stock Exchange (IDX) in Jakarta on Friday. (JP/ecn)
Real estate developer PT Forza Land Indonesia (FORZ) has listed its shares on the Indonesia Stock Exchange (IDX).
The company listed 1.56 billion shares under the code FORZ, with shares opening at Rp 330, up 50 percent from the offering price of Rp 220.
The company earned proceeds of Rp 68.75 billion from its IPO, which will be mainly allocated to take over a property company in Kalimantan, Forza's president director, Freddy Setiawan, said in Jakarta on Friday.
“We are going to allocate Rp 40 billion of the funds to increase our share ownership in PT Borneo Sarana Properti to 99.1 percent,” he told reporters following the listing ceremony at the IDX building.
Meanwhile, some Rp 13.3 billion of the funds will be used to pay debts to CV Chitta Kriya Laksana, and another Rp 5.5 billion to pay debts to PT Pratama Maju Jaya.
The rest of the funds will be used for operations.
FORZ, a property company focused on real estate development, is the third company to list its shares on the stock market this year. (ecn/bbn)
