JAKARTA - PT Sarana Mitra Luas Tbk (SMIL) readies IDR 50 billion from the proceeds of its initial public offering (IPO), which will be spent on acquisition of forklifts, operational vehicles, and workshop construction.

In the public expose release quoted today (12/9), Winston Suhermin, Director of Sarana Mitra Luas, mentioned that the remainder of IPO proceeds until August 2023 clocked up to IDR 50.9 billion. “We have realised IDR 120 billion of the total IPO proceeds of IDR 170.49 billion,” he confirmed.

According to Suhermin, until now, the company has realised 65% of total IPO proceeds to acquire more forklifts considering the soaring demand. SMIL’s users mostly come from paper manufacturing, logistics, food and beverages, and consumer goods industries.

Electric forklift especially attracts its users, Suhermin said, as it regards to the increased fossil fuel price. Therefore, diesel forklifts will be converted to electric lithium ones.

This year, SMIL has allocated IDR 200 billion for capital expenditure, IDR 120 billion of which is allocated to purchase forklifts, leaving another IDR 45 billion for lithium and IDR 10 billion for operational vehicles. The remaining amount is used for the construction of a workshop with an area of 5,600 m2.

As is known, the prospectus of IPO mentioned that the company will allocate IDR 75 billion for forklift and material handling, IDR 25.06 billion for lithium battery and charger, IDR 5.94 billion for operational vehicles, and IDR 64.49 billion for working capital. (LK/ZH)