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Chemical manufacturer Emdeki lists its shares on IDX
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PT Emdeki Utama president director Hiskak Secakusuma (fourth right) presses a button to officially list Emdeki on the Indonesia Stock Exchange on Sept. 25, accompanied by IDX director Alpino Kianjaya (right).
(JP/Rachmadea Aisyah )
Calcium carbide manufacturer PT Emdeki Utama officially listed its shares on the Indonesia Stock Exchange (IDX) on Monday.
“We hope we will be able to develop [faster] after the listing so that we will become a strong chemical company to support the construction industry,” said Emdeki president director Hiskak Secakusuma at the IDX building in Jakarta.
PT Emdeki Utama was the 22nd company listed on the IDX this year and the 556th listed so far.
During the initial public offering (IPO), the company released 307.25 million shares or 17 percent of its total shares. Hiskak said that from the IPO, his company eyed Rp 184 billion (US$13.82 million) with an IPO price at Rp 600 apiece.
"Some 73.91 percent of the funds will be used to construct two new factories," Hiskak said, adding that 13.41 percent would be used to operate the new factories, while the rest would be allocated for the existing businesses.
The new factories would produce carbide desulphurizer and high-grade silica alloy, he added.
Emdeki said the company was established in 1981 and began commercial production in 1998 at its 14-hectare factory in Gresik, East Java.
Emdeki independent director Chakravarthi Kilambi said even though the company was the leading calcium carbide producer in Indonesia, its gross revenue only grew by two to three percent per year. "That is why we choose to diversify our business," said Kilambi, adding that the company faced tough competition mainly from Chinese manufacturers. (bbn)
