London-based investment company 3i Group Plc is among 22 strategic investors interested to buy stake in food and beverages market leader, PT Garuda Food Putra Putri Jaya, kontan.co.id reported.
3i Group Plc has invested its funds in portfolios investments in 12 countries, including Singapore and China.
Sudhamek AWS, Chief Executive Officer of Tudung Group, said GarudaFood will sell part of its stake to foreign strategic investors before launching the initial public offering (IPO).
He said the company earlier planned to offer stake to strategic investors by early this year. But for undisclosed reasons the plan has been postponed to end of 2011 or early 2012.
GarudaFood has planned to launch IPO since 2008 but it had also postponed its IPO waiting for more favorable conditions after the wake of 2008 global financial crisis.
It was aiming to raise Rp 800 billion from selling as much as 20 percent of its shares to help finance its business expansion.
Hartono Atmadja, GarudaFood's managing director, said the company needs to raise fresh funds for help accelerate the business expansion.
He said though the price of raw food was fluctuating during last year, the company was able to managed the revenue growth in 2010. Hartono said GarudaFood booked revenue of more than Rp5 trillion last year, exceeding budget of Rp5 trillion, or surged 21.9% from Rp4.1 trillion it booked in 2009.
Sudhamek said for this year the company targets revenue to grow double digits along with the expected 15% industry growth.
Sudhamek AWS, Chief Executive Officer of Tudung Group, said GarudaFood will sell part of its stake to foreign strategic investors before launching the initial public offering (IPO).
He said the company earlier planned to offer stake to strategic investors by early this year. But for undisclosed reasons the plan has been postponed to end of 2011 or early 2012.
GarudaFood has planned to launch IPO since 2008 but it had also postponed its IPO waiting for more favorable conditions after the wake of 2008 global financial crisis.
It was aiming to raise Rp 800 billion from selling as much as 20 percent of its shares to help finance its business expansion.
Hartono Atmadja, GarudaFood's managing director, said the company needs to raise fresh funds for help accelerate the business expansion.
He said though the price of raw food was fluctuating during last year, the company was able to managed the revenue growth in 2010. Hartono said GarudaFood booked revenue of more than Rp5 trillion last year, exceeding budget of Rp5 trillion, or surged 21.9% from Rp4.1 trillion it booked in 2009.
Sudhamek said for this year the company targets revenue to grow double digits along with the expected 15% industry growth.
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