The Jakarta Post
East Java-based gas distributor Aneka Gas Industri was officially listed on the Indonesia Stock Exchange’s (IDX) trading board on Wednesday, pocketing Rp 800 billion (US$61.87 million) in proceeds, lower than the initial target of Rp 989 billion.
The unit of Samator Group has allocated 40 percent of the proceeds to pay internal debt, with another 40 percent for expansion and the remaining 20 percent for working capital. The expansion is aimed at increasing its number of filling stations from 80 to 200 units by 2020.
"Our products are industrial gases such as oxygen, nitrogen, argon and carbon dioxide. The demand comes from hospitals, the food and beverages industry and even infrastructure as they need nitrogen to make high-grade precast concrete," Aneka Gas vice president director Rachmat Harsono said after the listing ceremony at the IDX building in Jakarta.
Running 44 plants in 80 cities across 22 provinces, the company claims a 30 percent market share in the industry. It targets Rp 1.68 trillion of revenue this year, a 20 percent increase from Rp 1.4 trillion in 2015.
After the initial public offering (IPO), Samator group retains 70 percent of the ownership in Aneka Gas Industri. Aside from the gas business, the group controls several other companies in real estate, automotive, the chemical industry and financial services.
"We have yet to bring in an external partner as we can still handle it by ourselves. We want to focus on developing Aneka Industri as the biggest subsidiary in the group," Aneka Industri president director Heyzer Harsono told The Jakarta Post. (ags)
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