JAKARTA - PT Dewi Shri Farmindo Tbk (DEWI) has spared some portions of the proceeds of its initial public offering (IPO) of IDR 10.16 billion. The net proceeds of IPO in July 2022 was recorded at IDR 64.22 billion.

In the information disclosure quoted Monday (24/7), Rita Juwita, Corporate Secretary of DEWI, said that the realisation of the IPO proceeds consisted of an affiliate's land acquisition worth IDR 7.48 billion, non-affiliate's land acquisition worth IDR 3.67 billion, the construction of broiler commercial farm over non-affiliate's land of IDR 6.43 billion, and working capital of IDR 36.46 billion.

According to the prospectus, IDR 7.48 billion of the IPO proceeds are projected to be allocated for an affiliate's land acquisition, another IDR 3.67 billion for non-affiliate's land acquisition, IDR 6.5 billion for a poultry butchery over affiliate's land, IDR 9.98 billion for commercial broiler facility over non-affiliate's land, and the remaining IDR 36.57 billion for working capital.

As of now, the remaining proceeds of IPO are deposited in a current account in Bank CIMB Niaga with an interest rate of 0.24% per annum.

The land of DEWI's affiliate is 30,707 m2, located on Cibeber, Girimulya, Cianjur, West Java, while non-affiliate's land is 10,773 m2, located in Cianjur Street, Cintaasih, Cianjur, West Java. (LK/ZH)