JAKARTA - PT Sigma Energy Compressindo Tbk (SICO) has just realized a business development budget of IDR 1.18 billion out of a total allocation of IDR 12 billion. The source of the funds came from the results of the initial public offering (IPO) on April 8, 2022.

In the disclosure of information quoted on Friday (14/7), Vita Diani Satiadhi, Director of SICO said that the total realization of IPO funds was IDR 34.36 billion out of a total of IDR 58.47 billion. "The remaining IPO funds deposited amounted to IDR 24.10 billion," he said.

The remaining IPO funds were kept in time deposits and current accounts, including deposits of IDR 8.73 billion with an interest of 4.5% for a year, IDR 15 billion with an interest of 4% per year for a period of 3 months, and IDR 376.82 million in a checking account.

In the IPO prospectus, IDR 26.6 billion or 44.75% of the total IPO proceeds was allocated for business development. The funds will be used to purchase 1 compressor unit and support costs of IDR 17.6 billion and the purchase of operational vehicles of IDR 9 billion.

Meanwhile, 39.75% of the IPO funds were allocated for working capital of IDR 23.62 billion and the remaining 15.50% or IDR 9.21 billion for bank loan payments. (LK/LM)