JAKARTA - PT Kian Santang Muliatama Tbk (RGAS) has realised 85.56% of the proceeds of initial public offering (IPO), or IDR 30.11 billion of total IDR 35.19 billion.

In the information disclosure quoted Monday (8/1), Sutarno, Director of RGAS, mentioned that the unrealised IPO proceeds is IDR 5.08 billion. “The placement of the remaining proceeds is directed to Bank Syariah Indonesia (BSI), with profit-sharing yield of 0.04%,” he added.

The allocation of IPO proceeds realisation consists of IDR 11.68 billion for acquiring 99% of PT Kian Santang (KS), IDR 500 million for KS’s working capital, IDR 2 billion for acquiring PT Karya Instrumindo Simpati (KIS), IDR 9.63 billion for acquiring Ergas and Kians brands of PT Ergas Kians Ikoning (EKI), and IDR 1.99 billion for its own working capital.

The initial plan of IPO proceeds’ allocation consisted of IDR 11.68 billion for KS acquisition, IDR 3 billion for KS’s working capital, IDR 4.31 billion for acquiring KIS, IDR 2 billion for KIS’s working capital, IDR 9.63 billion for acquiring Ergas and Kians brands of PT Ergas Kians Ikoning (EKI), and IDR 4.57 billion for its own working capital.

As is known, RGAS issued 334.20 million shares for IDR 120 per share in its IPO. The proceeds reached IDR 40.10 billion, including costs totalling IDR 4.90 billion. (LK/ZH)