12 July 2018

Warta Ekonomi.co.id, Jakarta - The Indonesia Stock Exchange (IDX) has another palm oil company listing its shares on the trading board, PT Mahkota Group Tbk (MGRO).

MGRO became the 28th issuer to enter the IDX this year. The Company's shares immediately shot up by 49.56% or touched the upper limit of auto-rejection to the level of IDR 338 from the public offering price of IDR 225 per share.

President Director of Mahkota Group, Usli Sarsi, said that in the IPO implementation, the Company released 703,688,000 new shares to the public or 20% of the Company's issued and fully paid capital.

“As much as 60% of the IPO proceeds will be used for the development of the downstream industry through investment in a subsidiary, PT Mutiara Unggul Lestari,” Usli said, in Jakarta, Thursday (07/12/2018).

Meanwhile, he continued, 40% of the IPO proceeds will be used as working capital for subsidiaries, namely PT Mutiara Unggul Lestari, PT Berlian Inti Mekar, and PT Intan Sejati Andalan.

Previously, he explained that the IPO funds would be used for the construction of a refinery and kernel crushing plant located on the Duri-Dumai road, Bathin Sobanga Village, Bengkalis Regency, Riau Province.

“The public funds we get will make downstream. For the construction of the factory it takes 8 months, starting 3 months since the Company received the proceeds from the Initial Public Offering,” Usli said, in Jakarta, Friday (6/22/2018).

The purpose of the construction of the refinery plant and kernel crushing plant is to provide added value to the Company. With the construction of the refinery plant and kernel crushing plant, the Company can carry out a refining system that can produce olein (edible oil) and sterin (raw material for margarine and oleochemicals) derivative products and other derivative products.

Tag: PT Mahkota Group Tbk

Writer: Annisa Nurfitriyani

Editor: Fauziah Nurul Hidayah

Foto: Annisa Nurfitriyani

Source : https://www.wartaekonomi.co.id/read187153/baru-masuk-bursa-saham-mahkota-group-melesat-4956.html