BW Plantation tries to enter market

Crude palm oil producer, PT BW Plantation, will try to enter to stock market in quarter III/2009 to rake some IDR800 billion.
An informed executive said the underwriter of the initial public offering (IPO) of 30 percent of BW shares is PT Danareksa Sekuritas and PT BNP Paribas.
Director of Danareksa Sekuritas Marciano Herman said BW and underwriters are monitoring the finance market situation. "It is possible BW enters the market in semester II/2009 if the financial market gets better," he said Wednesday night over the sidelines of Bisnis Indonesia Award 2009.
Danareksa and BNP Paribas have been assigned as the underwriters of the IPO of BW Plantations last year. "We still have the mandate to help ease BW Plantation," he said.
When asked bout the target of BW IPO, he declined to provide details explanation. "We need to monitor the financial market situation."
BW Plantation was formerly known as PT Bumi Perdana Prima International founded on 6 November 2000. But, by end of December 2007, the company was changed into BW Plantation.
BW now has seven subsidiary firms on palm oil plantation in Central Kalimantan, East Kalimantan, and West Kalimantan with various areas size. The largest planted areas here were owned by PT Bumi Hutani Lestari with 12,215 hectares plots of land, then PT Bumi Langgeng Perdanatrada with 9,460 hectares and PT Adhyaksa Dharma Satya 3,468 hectares.
The palm oil of Bumi Lestari and Bumi Perdanatrada with productive aged was planted at 7,694 hectare plots of land and 5,940 hectares. BW has CPO production facility with 45 tons capacity of fresh fruit per hour.
Based on 2007 and 2006 finance reports, BW booked the soaring net profit into IDR86.55 billion as from IDR10.91 billion in 2006.
BW revenue also mounted from IDR139.25 billion in 2006 into IDR340.44 billion.
BW shareholders now are still under the control of two major firms, BW Investindo with 50 percent shares possession and Fendalton Investments 30 percent shares. The total stock placement and participation of BW stands at 40.76 million shares.