JAKARTA – PT Wijaya Cahaya Timber Tbk (FWCT), a plywood manufacturer, is purchasing wood processing machine from three suppliers based in China. For this transaction, the company has set a budget of IDR 34.95 billion, which will be taken from its initial public offering (IPO) proceeds.

Based on the short prospectus quoted Tuesday (31/1), the company had signed the offering letter from third-party machine suppliers on January 3, 2022. The purchase will be concluded by the end of Q1 2023 right after the IPO process is concluded this week.

In the IPO, which took place from January 26 to 30, 2023, the company offered 375 million units of shares for IDR 118 each. The proceeds gained from this corporate action is projected to reach IDR 44.25 billion.

Lastly, it was further revealed that the third-party suppliers are Linyi Free Trade Zone Jincan Supply Chain Co Ltd, Fuzhuo Mutian Import & Export Co Ltd, and Shandong Beautiful Machinery Co Ltd. (LK/ZH)