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Chemical manufacturer Tridomain to conduct IPO
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PT Tridomain Performance Materials president director Choi Choon Ha (second right) talks to other members of the company’s board of directors during the company's due diligence meeting in Jakarta on Thursday. (JP/dpk)
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hemical manufacturer PT Tridomain Performance Materials plans to conduct an initial public offering (IPO), as it needs to increase its production capacity.
Tridomain chief operating officer Hendro Waskito said on Thursday that the company planned to increase its production capacity to 198,000 metric tons (MT) from 178,000 MT per year to anticipate a surge in demand during the election period.
“Preparations for the IPO have been completed, and we are ready to conduct the IPO,” Hendro told reporters at a press conference at Le Méridien hotel in Jakarta.
The company eyes between Rp 1.2 trillion (US$87 million) and Rp 1.6 trillion from the sale of 5.78 billion shares, with IPO prices between Rp 210 and Rp 277 apiece.
Tridomain would also allocate $10 million to $15 million for capital expenditure (capex) in 2018, Hendro said.
PT Tridomain Performance Materials was incorporated in 2003 as a holding company of four chemical manufacturing companies – PT Eternal Buana Chemical Industries (EBCI), PT Eterindo Nusa Graha (ENG), PT Tridomain Chemicals (TDC) and PT Petronika (PNK). (dpk/bbn)
