Salim Ivomas expects IPO in June - Insider Stories

PT Salim Ivomas Pratama, a 90%-owned subsidiary of Singapore-listed Indofood Agri Resources Ltd (IndoAgro), is eyeing to list its primary shares at Indonesia Stock Exchange (IDX) in June this year, which is in line with the initial plan.

A source close to the matter said IndoAgri and its parent, PT Indofood Sukses Makmur Tbk (INDF), few days ago announced a proposed listing of Salim Ivomas Pratama at IDX after IndoAgri obtained an approval from Singapore Stock Exchange.
"After IndoAgro sealed an approval, Salim Ivomas Pratama's proposed listing was announced," the source said.

Kim Eng Securities, Mandiri Sekuritas, and Deutsche Securities may help and arrange the IPO with a target size of US$240 million-US$280 million.
Indofood Sukses Makmur is a controlling shareholder in IndoAgri with 68.95% shareholding interest. INDF has also a 8.38% direct shareholding in Salim Ivomas Pratama. In turn, IndoAgri controls 90% shareholding in Salim Ivomas Pratama.

Salim Ivomas is group manufacturer owned by IndoAgri. The group is consisting of three categories of palm oil-based liquid cooking oil dubbed branded consumer pack, branded semi-consumer pack, and unbranded industrial type.

Branded consumer pack cooking oil is targeted at consumers in retail outlets and are sold in packages of up to five litres. Branded semi-consumer pack cooking oil is sold in containers of 15 kilograms to 18 kilograms and is generally targeted at merchants which resell the cooking oil to end-users.

Unbranded type cooking oil is sold mainly to PT ISM Group and other industrial users for their manufacturing purposes. With the exception of industrial cooking oil, all products are sold under brand names.

The group’s consumer brands for cooking oil include Bimoli, Bimoli Spesial, Delima, Happy Salad Oil, and Mahakam.
Approximately 95% of the group’s domestic cooking oil sales value of consumer and semi-consumer packs for FY2008 was under the Bimoli and Bimoli Spesial brand names.