Martina Berto to sell 33.71% to public

JAKARTA: PT Martina Berto Tbk, a manufacturer of cosmetics and traditional medicines, released 33.17% of shares to the market or equal to 355 million shares in the initial public offering (IPO). As it seeks to raise IDR270 billion from the IPO, the subsidiary
News Editor
News Editor - Bisnis.com 08 Desember 2010  |  01:17 WIB

JAKARTA: PT Martina Berto Tbk, a manufacturer of cosmetics and traditional medicines, released 33.17% of shares to the market or equal to 355 million shares in the initial public offering (IPO). As it seeks to raise IDR270 billion from the IPO, the subsidiary of Martha Tilaar Group is likely to offer the shares at around IDR760 per share. The prospectus said that the proceeds from the IPO has not covered the costs of issuance. The company plans to use 50% of the total proceeds from the IPO or IDR135 billion to build a new factory in Cikarang, West Java, and to purchase machineries, production equipments and utilities. About 20% or IDR54 billion will be allocated to pay the company's debt to PT Bank CIMB Niaga. The remaining 30% or IDR81 billion will be used as a working capital for warehouse renovation, information technology and infrastructure development, and product development and research. The company now has three factories located in Pulo Kambing, Bekasi, and Gunung Putri. An analyst at PT CIMB Securities Indonesia Ali Mastono sees Martina Berto's decision to go public is the right step since the company will absorb low-cost funds to expand its business."Through research and product development, and factory construction, the company can grab more opportunities in the export markets. However, the next competition in the cosmetics sector and traditional medicines involve not only domestic players but also Chinese products from China." (T03/NOM)

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Editor : Muhammad Fariz Aulia

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