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AKARTA: PT Global Teleshop will sell about 10 percent of the company’s enlarged shares during the company’s initial public offering (IPO) to be held from July 2 to 4 this year.

The company has appointed PT Equator Securities and PT Lautandhana Securindo as underwriters.

Global Teleshop said in a prospectus that about 40 percent of the proceeds from the IPO would be used to pay the company’s debts of Rp 55.5 billion (US$5.9 million) to PT Trilinium, which holds 80 percent ownership of Global Teleshop, while the rest will be used for working capital.

In addition to PT Trilinium, Global Teleshop’s founder Hermes Thamrin also holds a 20 percent stake in the company.

One of the largest cell phone retailers in Indonesia, PT Trikomsel Oke (TRIO), will take over PT Trilinium’s entire stake in Global Teleshop for US$100 million.

To partly finance the acquisition, TRIO, which runs OkeShop telecom outlet, plans to sell right shares worth about Rp 266.64 billion in a limited public offering early in July and sell mandatory convertible bonds worth
Rp 807.55 billion.

Global Teleshop will list its shares on the Indonesian Stock Exchange (IDX) on July 10. After the IPO, TRIO’s shares will be diluted to 72 percent, while its founder Hermes Thamrin’s ownership will decline to 18 percent from the initial 20 percent.