After the Eid holiday, the stock exchange will welcome two new issuers

JAKARTA – After the long Idul Fitri holiday, the Indonesian Stock Exchange (BEI) will welcome two new issuers from the industrial and energy sectors. The two issuers will list their shares on the stock exchange after the Eid holiday, to be precise on April 16 2024.

One of them is PT Multi Hanna Kreasindo, which operates in the waste processing sector which includes transporting, collecting and utilizing B3 and non-B3 waste. In the initial public offering (IPO), the company offered 750 million shares or 20% of the total issued and fully paid capital.

In its statement, the company will use 78.33% of the proceeds from the IPO for capital expenditure which is classified as capital expenditure. In detail, 60.32% was used for capex for developing the company’s new factory in Lamongan, East Java. Furthermore, 39.68% will be used for head office capex and purchasing machine equipment. This transaction was carried out 1 month after the IPO funds were received.

The next issuer is PT Atlantis Subsea Indonesia Tbk which operates in the field of global multi-disciplinary specialist surveys, and provides solutions for the oil and gas, energy and renewable energy, and marine infrastructure sectors.

In this corporate action, the company offered 1.20 billion shares or 19.36% of the issued and paid-up capital. Simultaneously with the IPO, the company will also issue 1.74 billion Series I Warrants or 34.80% of the total number of issued and fully paid shares, with an exercise price of IDR 300.

It was stated that 36.74% of the proceeds from the IPO would be used to purchase equipment to support the company’s operational activities. Meanwhile, the rest will be used by the company for working capital and others.

The two companies are scheduled to be listed on the IDX on April 16 2024. PT Multi Hanna Kreasindo Tbk will be listed with the code MHKI and PT Atlantis Subsea Indonesia Tbk will be listed with the code ATLA.

(fjo)