ANJ Agri Considers IPO to Seek IDR1.5 Trillion

An oil palm plantation company of Austindo Group that belongs to George S. Tahija, PT Austindo Nusantara Jaya Agri (ANJ Agri) has returned to its initial plan to sell its shares in initial public offering (IPO) to seek IDR1.5 trillion.
ANJ Agri assigned Morgan Stanley, Macquarie Securities, and PT Mandiri Sekuritas as the underwriters.
A well informed market source said the IPO will be in the second half of the year as the CPO price has been increasing rapidly. "The IPO result should be optimum amid the increasing price of CPO," he said over the weekend.
The IPO of ANJ Agri has been an old plan. The market has known it since two years ago when the company planned to seek US$80 million of capital. The company granted the underwriting job to Mandiri Sekuritas and Macquire Securities.
But the plan was cancelled on the changing of ownership. ANJ Agri is a unit of PT Austindo Nusantara Jaya of Tahija family. The holding company has some businesses such as financial service, palm plantation, and health care. It also has some minority investments in some other businesses.
ANJ Agri plans to acquire 50,000 hectares of palm plantation land. It controls three units - PT Sahabat Mewah dan Makmur, PT Ondop Perkasa Makmur, and PT ANJ Agri Papua.
The initial name of the company was PT Eka Pendawa Sakti, established on March 20 1986. It started with 9,100 hectares of oil palm plantation, and it has grown through acquisition and organic expansion.
It has controlled 67,488 hectares of land, 25,500 hectares of which has become productive plantation with the capacity of 125 tons per hour.