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Prima Cakrawala lists on stock market
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Boiled crabs (Courtesy of/www.coastalliving.com)
Crab-meat exporter PT Prima Cakrawala Abadi (PCAR) formally listed its shares on the Indonesia Stock Exchange (IDX) on Friday.
The company’s shares traded at Rp 254 (2 US cents) in the opening session, a nearly 70 percent rise on its offering price of Rp 150 per share.
“Being the first crab-processing factory to list its shares on the IDX, we expect to be the pioneer in the country’s crab industry,” said PCAR Chairman Raditya Wardhana in his speech.
Cakrawala Abadi sold about 466.6 million new shares or about 20 percent of the company’s enlarged shares. The company raised about Rp 70 billion from the sale of the new shares.
The company will use 28.1 percent of the funds raised for capital expenditure - purchasing new production tools, financing factory renovation and the construction of mini plants in Rembang, Tuban, Lampung and Belitung.
The remaining 71.9 percent will be used to purchase raw materials and cover production and marketing costs.
PCAR, which was established in 2014, produces canned pasteurized crabmeat, fresh fish and frozen fish. Raditya said the company’s total exports, as of August this year, had reached 292 tons, a 7 percent increase from 271 tons in the same period last year.
“We have been exporting to countries such as the United States, England, Bahrain, Singapore and Malaysia,” he told a group of reporters. (fny/bbn)
