Heaptalk, Jakarta — During the Due Diligence Meeting and Public Expose, PT Cilacap Samudera Fishing Industry (issuer code: ASHA), an Indonesia-based fishery company, announced to perform Initial Public Offering (IPO) on Indonesia Stock Exchange(04/25). From this action, the Company is expected to raise as much as USD8.7 million or Rp125 billion (USD1 equals Rp14,371).
The fresh fund, further, is allocated to perform strategic acquisition by taking over PT Jembatan Lintas Global (JLG). The activity will enable the Company to penetrate strategic locations in East Java. The acquisition is known will assists ASHA to obtain tremendous fresh fish stock from the northern and southern coastal. In addition, the action also allows the Entity to conduct direct export through Tanjung Perak, Surabaya.
“PT JLG has unlocked an export market for fish processing to Australia and plans to expand its network to the region across America. We aim to boost fish distributions to the domestic and international markets. Through its affiliates, the company has secured a license to import 1,000 tones of fish in December 2021. We believe that the company has an extensive recognition spectrum,” affirmed William Sutioso, CSFI’s President Director (04/25).
Furthermore, USD5.1 million of the fresh fund will be employed as the company’s capital to improve the fish stock while the rest, namely USD1.9 million will be delivered to seize PT JLG’s stocks of 99,97%. Also, ASHA intends to manage the funds for office and vessel operational costs.
According to the company’s prospectus, the stock price range in this public offering starts from Rp100 to Rp125, with the number of stocks offered by 1.25 billion at most representing 25% of the shared ownership. ASHA is estimated to catch capital of around USD 8 million to USD 10 million. PT Korea Investment and Indonesia Security and PT KGI Indonesia Security served as an underwriter through this initial public offering.
As one of the underwriters in the ASHA’s IPO, the Director of PT KGI Security, Anthoni Kristanto, believed that PT CSFI’s public offering process could support Indonesia to lead the position worldwide to be listed on the stock exchange. Prospective investors are expected to notice this opportunity to let this fishery company compete internationally.
The Independent Commissioner of PT CSFI, Eko Teguh Santosa, revealed that the fishery industry’s Gross Domestic Product (GDP) development increased by 5%, exceeding the national GDP growth. Otherwise, based on the 2020 FAO report, Indonesia has not been able to reach the top 10 for export and import trades and still occupies the 3rd position worldwide for the fish producers. As an effect, a benchmark of fish rate still refers to the Bangkok Index.
Also, Eko asserted, “Enforcement, Governance, Technology, and Management are the crucial factors to be tackled severely. Recognizing the rapid technology developments, the collaboration between the Company and IPB, even with fishery startups, is expected to cut down the gap in the fishing industry around developed countries. ASHA, for this case, is believed to become a fishery industry role model in Indonesia to enhance Company’s shareholder values,”
PT CSFI has built an extensive business network with over 40 years in the fishing industry experience. As a result, this Indonesia’s fishery company has succeeded in having 383 clients and was able to carry out export to 48 clients. This Indonesia-based fishery company will continue to develop new products actively and reach a broader export and domestic market that has not been tapped.
“Export enterprises are still the significant market, reached by 80% – 90%. The company will continue expanding distribution in the local market because the domestic market contains a more economical expense,” William stated.
The Initial Public Offering duration provided includes Book building estimated period starts from April 22nd – 27th, 2022, the public offering on May 13th – 18th, 2022, listed estimated period starts from May 20th, 2022. (SFM)
