DBS Vickers Indonesia underwrites Sumber Tani Agung Resources IPO | Bahasa
The company received a very positive response from investors, with the pooling allotment 18.56 times oversubscribed. To comply with the requirement to adjust the allocation for the pooling allotment, the company issued additional shares, bringing the total number of shares issued to 903,372,600 shares with the total amount of proceeds reaching Rp542 billion.
PT DBS Vickers Sekuritas Indonesia and PT CIMB Niaga Sekuritas are the lead underwriters for the IPO, providing assistance in the preparation of marketing documents, the filing of a registration statement with regulators, and assisting the overall process.
Ray Aditya Laksana, President Director of PT DBS Vickers Sekuritas Indonesia, said, “Sustainable finance allows the banking industry to play a key role in promoting and participating in maintaining environmental sustainability and balance. As a purpose-driven bank, DBS Group has three sustainability principles, namely Responsible Banking, Responsible Business Practice and Impact Beyond Banking. This is in line with DBS Group's vision to achieve net zero emissions by 2050. We appreciate the steps taken by STAA in implementing sustainability principles in its operations. We are pleased to be able to support STAA during this IPO process with our various banking solutions. This collaboration is a reflection of the trust of corporate customers place in us in managing their funds and business plans.”
PT DBS Vickers Sekuritas Indonesia has assisted a number of issuers in conducting IPOs, such as PT Medikaloka Hermina Tbk (2018), PT Integra Indocabinet Tbk (2017), and PT Aneka Gas Industri Tbk (2016). In the future, PT DBS Vickers Sekuritas hopes to collaborate with more ESG-based industries planning to conduct IPOs.
STAA will use the proceeds from the IPO to support the construction of downstream industrial facilities by its subsidiary, PT Sumber Tani Agung Oils & Fats (STAOF), in Lubuk Gaung Village, Sungai Sembilan District, Dumai Municipality, Riau Province, on approximately 42,698 hectares of land. The proceeds from the IPO will be allocated as capital expenditures, with around 56% of the amount to be used to finance the construction of a refinery with a capacity of 2,000 MT CPO/Day. Around 22% of the proceeds will be allocated for the construction of a wharf. Around 22% will be allocated for the construction of storage tanks with a capacity of 35,000 MT each. All the projects are expected to be completed within 22 months, with the completion date set October 2023.
STAA President Director Mosfly Ang said, "Currently, STAA has 13 oil palm plantations and 9 palm oil processing factories located in North Sumatra, South Sumatra, West Kalimantan and Central Kalimantan. In line with our business expansion strategy, we need to establish several new facilities to support our operations. This IPO is a milestone for STAA and we hope it will yield the best result. We are pleased to have a partner like PT DBS Vickers Sekuritas Indonesia who has helped and assisted us throughout the entire process.”
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