Sari Roti shareholders approve plan for rights issue
The Jakarta Post
PT Nippon Indosari Corpindo announced on Friday that shareholders had approved its plan to conduct a right issue in a bid to further expand its business in Indonesia and the Philippines.
Nippon Indosari – listed on IDX under the ticker symbol ‘ROTI’ – will issue 1.15 billion shares, with a nominal price of Rp 20 (0.01 US cent) per share to raise fresh funds.
“All of the funds obtained from the rights issue will be used to build new factories for producing white bread and sweet bread, both in Java and outside, as well as in the Philippines,” the company’s independent director, Alex Chin, said on Friday.
Four to five new factories will be opened in the next five years, which will support its plan to become one of the biggest bread producers in Southeast Asia.
The management refused to share more details on the plan, noting that more detailed information would be made available through the firm’s prospectus.
Sari Roti saw its sales decline to Rp 602.5 billion (US$45 million) in the first quarter of 2017, down 1.3 percent from the corresponding period of last year.
Meanwhile, its net profit nosedived by 67 percent to Rp 27.7 billion. (bbn)
- Students illegally worked overtime at Apple supplier
- Jakarta to give Rp 1.6 trillion to mass organizations, religious institutions
- OK OCE budget set at Rp 82 billion
- Several villages hit by volcanic ash after Mt. Agung erupts in Bali
- Bandung man arrested for insulting Jokowi, Iriana on Facebook
- Malaysia to import chickens, ducks from Indonesia
- Karawang sets highest minimum wage in Indonesia
- 'Marlina' redefines women’s strength through polar extremes
- Government should turn attention to human resources development
- Pope to meet Rohingya refugees in Bangladesh