JAKARTA: PT Telesindo Shop, a distributor of mobile phones, seeks as most as IDR1 trillion, rose from IDR300 billion, via an initial public offering scheduled on November, Investor Daily reported, citing President Director Hengky Setiawan.The company plans to sell 40% new shares of its enlarged capital. The proceeds will be used to open 500 new stores and 300,000 distribution channels. Currently, Telesindo Shop has 500 stores and 200,000 distribution channels. The rest of the fund will be used to launch 142 service center and strengthen its distribution chains.The company will appoint PT Sinarmas Sekuritas and PT Bahana Securities as its underwriters.Telesindo Shop targets a 20% growth in revenue to IDR6 trillion this year boosted by higher mobile phone sales.Telesindo Group established in 1992 by Hengky Setiawan. Last year, the company became the producer of its own cellular phone brand, TiPhone. (msw)

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