JAKARTA. State-owned cement company PT Semen Baturaja officially launched its initial public offering (IPO) on Friday.

The company issued 2.33 billion shares or equal to 23.76 percent of its capital. From this figure, 0.82 percent will be allocated to the company’s employee stock allocation (ESA) program.

Semen Baturaja president director Pamudji Rahardjo said as quoted by KONTAN that 1.65 percent of the shares would be used for the management and employee stock option plan (MESOP).

Semen Baturaja aims to garner Rp 1.3 trillion from its share issuance. Around 25 percent of this will be used to acquire and cultivate land, while 70 percent will be used to buy tools and equipment.

The remaining 5 percent will be allocated to purchase electronic devices and automated machinery. The underwriters for the IPO are PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas. (The Jakarta Post)

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