Indonesian packaging manufacturer Satyamitra Kemas Lestari is aiming to secure up to $18 million in a stock market offering.
Satyamitra Kemas has offered 1.3 billion new shares for 1 to 1.4 cents a piece, which could mop up between $13 million and $18.2 million from the share sale.
The firm expects to secure Financial Services Authority’s go-ahead for its registration statement on June 27. It plans to conduct its listing on July 1 to 4 and list on the Indonesia Stock Exchange on July 11.
Satyamitra Kemas intends to use 40 percent of the proceeds to meet working capital requirements, 30 percent to repay credit and the remaining 30 percent for capital expenditure.