JAKARTA - PT Pulau Subur Tbk (PTPS) will build a palm oil mill with a capacity of 10 ton per hour. The source of fund for this plan comes from the proceeds of its public offering of 450 million shares of IDR 20 each. 

Based on the prospectus quoted on Monday (9/10), the initial public offering (IPO) took place yesterday (3-5/10) with an offering price set to IDR 198 per share. The projected proceeds reach IDR 89.10 billion, 50% of which, equal to IDR 44.55 billion, will be allocated to working capital, including the purchase of fresh fruit bunches (FFB), hauling road maintenance, tractor acquisition, and production equipment acquisition. 

As of now, PTPS is managing a palm plantation with the total area of licensed location reaching 1,810.39 hectares (Ha) in Gelebak Village, Banyuasin, and Sukadarma Village, Ogan Komering Ilir (OKI), Palembang, South Sumatra. The area planted by palm trees has reportedly reached 1,090.64 Ha.

In 2022, FFB production clocked up to 20,059 ton per year. The total area of immature palm oil plantation is 94.85 Ha, whereas mature palm oil plantation is 995.75 Ha. 

The authorised capital of PTPS clocks up to IDR 112 billion, whereas the issued and paid-up capital is IDR 34.35 billion. PT Sekawan Kontrindo (SK) controls 99.12% of it, followed by Efendi and Burhan of 0.44% each, as well as stock in portfolio worth IDR 77.65 billion.

Post-IPO, its issued and paid-up capital will rise to IDR 43.35 billion, consisting of SK of 78.54%, Efendi and Burhan of 0,35% each, and the public of 20.76%. (LK/ZH)