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Company News
CP Prima Decreases IPO Fund Target
Bisnis Indonesia, page B1 (17-June-2006)
PT Central Proteinaprima Tbk (CP Prima) decreased the income target from the initial public offering (IPO) from Rp.2 trillion to Rp.379.05 - Rp.433.2 billion because of the non-conducive exchange rate condition. The company has offered as much as 2.16 billion new notes with a price range of Rp.175-200 per note along with a 4.33 billion warrant series 1 that was given out to any investor, on note received 2 warrants. CP Prima also plans to search for additional funds in the amount of US$ 40 million for capital expenditure this year as much as US$ 80 million. On May 12 2006, CP Prima effectively obtained a goodwill loan worth US$ 250 million from Barclays Bank which will be due in May 2007. From that loan, CP Prima has withdrawn US$ 185 million. The company is said to issue bonds worth US$ 100 million – US$ 150 million in September this year. The money will be used to settle its debt with Barclay Bank.
CP Prima Will Issue Bonds Worth US$ 150 Million
Bisnis Indonesia, page B2 (24-May-2006)
PT Central Proteinaprima Tbk (PT CP Prima) is planning to issue bonds worth US$ 100 million - US$ 150 million in September 2006. The money will be used to settle its advance loan. Before CP Prima performed its initial public offering, the company obtained an advance loan from Barclays Capital as much as US$ 250 million. CP Prima is planning to perform its IPO by releasing Rp.6.5 billion shares, 29.8 percent from the total shares placed and deposited helped by two underwriters. Out of the funds obtained from the sales of the shares, 67 percent will be used to settle some of its debt to Barclays Bank, 23 percent to finance the business expansion, and 10 percent for working capital. Based on CP Prima’s prospectus, the total obligation of the company and its subsidiary by December 31 2005 reached Rp.1.77 trillion, which includes active liability of Rp.1.02 trillion and inactive liability of Rp.743.93 billion. At the end of last year, CP Prima booked a net profit of Rp.232.9 billion compared to 2004’s loss of Rp.6.4 billion.

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Mr. Sia Leng Ho
Latest Updates 11-December-2024
Major Businessline : Shrimp feed; Animal feed

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