Latinusa kicks off IDX trading
Tinplate producer PT Pelat Timah Nusantara (Latinusa) Tbk will start the trading of its stocks on Indonesia Stock Exchange (IDX) Monday, December 14. Latinusa is the 11th company to list its shares on IDX this year.
Latinusa will be traded with ticker NKIL. The company offered 504 million shares through the initial public offering (IPO) at Rp325 per share. Latinusa generated Rp164 billion from the IPO with PT Bahana Securities as underwriter. State-owned steel producer PT Krakatau Steel will control 75% shares after the IPO, while PT Baruna Inti Lestari with 4.9%, and public with 20%.
Latinusa has total asset of Rp429 billion as of July 31, 2009. The company generated sales revenue of Rp1.465 trillion last year and net profit of Rp72 billion, increased substantially from Rp51 billion in 2007. But in the first seven months of 2009, the company reported net profit of Rp17.6 billion on sales revenue of Rp696 billion.