State-owned plantation company PTPN VII plans to launch an initial public offering (IPO) in the second semester of this year to raise funds to help finance expansion programs.
PTPN VII Operational Director Mardjan Utha said on Wednesday that the company plans to sell 30 percent stake to the public to raise around Rp 1.5 trillion worth of proceeds.
He said that once the planned holding company for state-owned plantation companies have been set up and begin operational in March, PTPN VII will launch the IPO. “We’re currently making preparations,” Mardjan said.
PTPN VII, based in South Sumatra, operates rubber, oil palm, sugar, and tea plantations. (rei)
