Loss making cocoa powder and butter producer PT Davomas Abadi sold a total of 814 million shares on Tuesday at 60 percent discounted price from its previously quoted price, down from Rp50 per share to Rp20 per share. The transaction was facilitated by Magnus Capital.
The transaction, reaching Rp 16.28 billion in total, accounted for 6.6 percent of the company's total issued and paid-up capital of 12.4 billion shares, worth Rp620 billion of market capital.
Davomas September record revealed that its revenue had dropped about 39 percent to Rp729 billion in the first nine month of this year, suffering losses of Rp122 billion. It also saw 45 percent drop of gross profit from Rp230 billion in the same period in 2010 to Rp127 billion in September.
Its total assets reached Rp2.69 trillion, liability of Rp1.85 trillion, with 219.2 percent of debt to equity ratio. No details regarding the buyers were released. (eaz)
