Jaya Agra surges 8% on trading debut

Bisnis.com,30 Mei 2011, 03:06 WIB

JAKARTA: Starting its debut at Jakarta Stock Exchange, plantation company PT Jaya Agra Wattie Tbk surged 8% or IDR40 to IDR540 at the early trading today. After breaking the highest price at IDR550, the JAWA-coded stock continued to adverse.As of 09.40 a.m. local time, the shares slipped 3% or IDR15 to IDR485.The company has set an initial public offering at IDR500 a share, enabling the company to seize IDR566.20 billion. Jaya Agra sold 1.13 billion of new shares or 30% of its enlarged capital.It plans to use 90% of the proceeds from the IPO to finance a planting program at its rubber and palm oil plantations and develop its units. It will use the remaining 10% to acquire land and working capital.PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia are the joint- lead underwriters.The company derives 60% of its revenue from rubber plantations, 37% from oil palm plantations, and the remaining 3% from coffee and tea plantations. (wiw)

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