JAKARTA – PT Jobubu Jarum Minahasa Tbk (BEER), an alcoholic beverage manufacturer, will set aside IDR 20 billion to purchase land and a new factory in Semarang. The money for this will be taken out of the projected initial public offering (IPO) proceeds of IDR 176 billion.

As quoted from its short prospectus today (11/1), the company requires IDR 9.25 billion to purchase a tract of land in Tengaran, Semarang. The land belongs to a third party, boasting a total of 2 hectares (Ha).

For the construction of the plant, including a warehouse for raw materials and its other infrastructures, the company will allocate IDR 10.74 billion. It does not include the machine that is required to boost production capacity.

BEER is known to have issued 800 million units of shares of IDR 10 each. In this corporate action, the company has set the offering price to IDR 220 per share.

Prior to its debut, the authorized capital of BEER clocked up to IDR 120 billion, followed by the issued and paid-up capital of IDR 32 billion. These shares belong to Magdalewa Waroow of 0.005% and PT Maju Minuman Minahasa of 99.99%. It also recorded stock in its portfolio worth IDR 88 billion. (LK/ZH)