Maspion to Generate US$100 Million from IPO

PT Maspion has planned to offer 40% shares to the capital market in the first quarter of the year to generate US$85 million - US$100 million.

My source said the company has assigned PT Mandiri Sekuritas and BNP Paribas to become the underwriter.
"As much as 30% will be the new stocks and 10% will be from the existing stocks," he said me yesterday.
He said the company will use 40% of the money to fund the expansion plan and the other 40% and 20% will be for debt repayment and working capital.
"The company will use the money to develop new facility and to develop other business."
Last year, the Chairman of Maspion Group, Alim Markus said the company has planned to sell 25%-30% shares of PT Bank Maspion Indonesia to the stock market.
The IPO of the two units will be this year.
PT Maspion has six units - PT Maxim Maspion (99.99%), PT Maspion Elektronik (99.26%), PT Maspion Kencana (99.99%), PT Srithai Maspion Indonesia, PT Ishizuka Maspion Indonesia, and PT Alaskair Maspion.
The company has been focusing on the production of household equipments.
Maxim Maspion is on cooking equipments, Maspion Elektronik on rack and refrigerator, and Maspion Kencana is on PVC pipe.
Srithai Maspion Indonesia produces melamine based household equipments, Ishizuka Maspion produces potteries, and Alaskair Maspion produces blender and fan.
The company has produces some brands like Aubecq, Allibert, Excelon, Jawa, Makita, Marunaga, Maslon, Maspion, Maxim-Inox, Maxim, Tivoli and Vanda.
The group also has jumped into property sector through PT Bumi Maspion. The company has been developing 180 units of warehouses on 140 hectares of land in Romokalisari.
The group also develops Maspion Square, a shopping center in the area.
Maspion also has planned to jump into palm and bio-diesel business outside Java on 100,000 - 200,000 hectares of land.
Maspion Group also has been interested in developing Tunjungan Market to become a new integrated business district with the investment of IDR150 billion, in cooperation with the government of Surabaya.
With the IPO the core capital will increase from IDR1.06 trillion to IDR2.07 trillion this year. In the meantime the net gearing ratio of the company will decline from 67.4% to 11.1%.
The group has eight business pillars - consumer, industrial products, construction, property, banking, distribution and trading, energy and other industry.
As of June 2007 the company's export has been focused to the markets of North America (56%), Asean (9%), Europe (11%), Japan (14%), Other Asian Areas (6%), Australia (2%), South America (1%), and the Middle East (1%).
In 2006 the export markets were North America (68%), Japan (11%), Europe (8%), Asean (5%), Other Asian Countries (3%), South America (2%), Australia (2%), and the Middle East (1%).
The group has developed a harbor in the industrial estate of Maspion of Gresik in addition to the jetty that has the capacity of 300 metric tons per hour. The jetty was handled by PT Siam Maspion Terminal.