Jakarta (XFNews-ASIA) - Charter airline PT Indonesia Air Transport, a unit of the PT Bimantara Citra group, will sell 432 mln shares, or 20.19 pct of its enlarged capital, though an initial public offering (IPO) at a price of 130 rupiah per share, Indonesia Air Transport said.
The IPO is from tomorrow to Thursday, and listing at the stock exchanges here and in Surabaya is scheduled for Sept 13, the company said.
The prospectus says the company will use 70 pct of the proceeds to buy or make downpayments on airplanes or helicopters, 25 pct to repay some of its debts and the other 5 pct to strengthen its working capital.
On April 30 the company had outstanding debts of 191.84 bln rupiah.
The company said PT Bimantara Citra's stake would be diluted to 79.81 pct from 99.99 pct, with the investing public owing 20.19 pct.
Last year company made a net profit of 15.12 bln rupiah, compared to a net loss of 10.34 bln rupiah the year before. Sales last year were at 231.05 bln rupiah, 13.37 pct more than its sales of 203.80 bln rupiah the year before.