JAKARTA — PT Cakra Buana Resources Energi Tbk (CBRE) has set the budget of its capital expenditure (capex) to IDR 31.88 billion, after gaining fresh funds from its initial public offering (IPO) last week (2-5/1). In said corporate action, the company aimed to secure IDR 79.70 billion.

Based on its short prospectus quoted Monday (9/1), approximately 40% of the IPO proceeds will be utilised to purchase one set of tug and barge of 300 ft. This addition to the fleet is expected to improve its operational performance. The asset will be bought through the third party, completely unaffiliated with the company.

The remainder of IPO proceeds, or approximately 60%, will be spent on enhancing its working capital, including buying fuel, renting vessels, and other operational costs.

CBRE is said to have issued 738 million shares for IDR 108 each on January 2-5, 2023. The company's shareholders include PT Omdus Investment Holdco, which owns 73% of the total issued and paid-up capital of IDR 95 billion, followed by PT Republic Capital Indonesia (RCI) of 13.50%, PT Bima Harsa Rahardja (BHR) of 4.50%, and Harlienna Qishi of 9%. (LK/ZH)