Two more companies listed on Indonesian stock exchange

Two more companies listed on Indonesian stock exchange

( ANTARA FOTO/Dhemas Reviyanto/foc/18).

Jakarta (Antara) - The Indonesian Stock Exchange on Tuesday listed two more companies PT Pratama Abadi Nusa Industri Tbk (PANI) and PT Arkadia Digital Media Tbk (DIGI)

Corporate Valuation Director of BEI I Gede Nyoman Yetna said the two companies are expected to adopt good corporate governance (GCG) to win the market appreciation.

"Adoption of GCG will create and win the public confidence," Nyoman Yetna said here on Tuesday.

With the adoption of GCG, the companies would be able to meet the challenges and give greater optimi8sm to their shareholders, he added.

Meanwhile, Chief Executive of Arkadia Digital Media Tbk, William Martaputra, said the listing was a strategic corporate action for his company in expanding media business.

The company floated and sell to the public 150 million of its paid shares through the mechanism of initial public offering (IPO) at a price of Rp200 per share or a total of Rp30 billion.

"The fresh fund would be used for the procurement of infrastructure and hardware and expansion of platform," William Martaputra said.

He said 38 percent of the fund would be for the procurement of hardware , 60 percent for software and the rest for working capital.

President Director of Pratama Abadi Nusa Industri Prilli Soetantyo said his company earned Rp16.2 billion from the share sales and the fund would be used for business expansion.

"The plan is for working capital. We are producer of canned food," Prilli said.

Pratama operates in frozen seafood processing industry and food canning for exports. The company exports its food products to the United States and European countries.

In the initial trade the shares of shot up 70 percent in price to Rp340 each from the IPO price of Rp200 ; and the shares of PANI surged 69.44 percent to Rp183 per share from the IPO price of Rp108 each.

Reporting by Zubi Mahrofi
Editing by A Saragih, Yoseph