Update COVID-19 in Indonesia: 4,223,094 confirmed infections, 142,413 deaths (06 October 2021)
26 October 2021 (closed)
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Due to the Indonesian government's push to develop the nation's maritime sector, the initial public offering (IPO) of Dua Putra Utama Makmur, an Indonesian integrated fishery, marine product processing and cold storage company, was oversubscribed 1.5 times. I Made Satyaguna, Head of Investor Relations at Dua Putra Utama Makmur, said the company's target of raising IDR 921 billion (approx. USD $67 million) through the IPO has been achieved. More than 90 percent of investors are pension funds.
Dua Putra Utama Makmur will offer 1.67 billion shares, or 40.1 percent of its enlarged capital, to the public through the IPO on the Indonesia Stock Exchange (IDX), for a price of IDR 550 per share. Listing on the IDX is scheduled for 8 December 2015.
The Indonesian government fosters the ambition of turning Indonesia into a global maritime force through the development of an international hub for sea trade. Currently, large international vessels merely use Indonesian waters to pass through to the major sea trade hubs of Singapore, Japan or Australia. Given Indonesia's strategic position between Australia, the Far East and Central Asia, the country has the potential to become a key force in maritime trade. In order to realize this ambition, the Indonesian government is eager to develop the sea toll road, a maritime program initiated in a bid to enhance domestic connectivity (hence reducing the country’s high logistics costs). Furthermore, the goverment plans to develop and modernize dozens of sea ports across the nation.
According to a statement on its website, Dua Putra Utama Makmur aims to become one of Indonesia's largest prawn and fish processing firms. As such, the government's eagerness to combat illegal fishing is also positive for the company. In her first year as Minister for Marine Affairs and Fisheries, Susi Pudjiastuti ordered the sinking of more than 100 foreign boats that were caught fishing illegally in Indonesian waters. Minister Pudjiastuti said the lack of law enforcement in the fishery sector has been a major problem for (potential) investors.
Witiarso Utomo, General Director of Dua Putra Utama Makmur, says the government's battle against illegal fishing in Indonesian territory will give rise to higher fish production capacity for Indonesian companies, hence becoming more competitive on a international scale as well as more profitable.
Indonesia's Ministry for Marine Affairs and Fisheries aims to make fishery products an important foreign exchange earner by boosting Indonesian fisheries exports by 50 percent in 2016.
So far this year, a total of 14 Indonesian companies have listed on the Indonesia Stock Exchange, far below the initial target of the IDX (32 listings). Other companies that are planning to become a publicly-listed company on the IDX before the year-end are fast-moving consumer goods company Kino Indonesia, construction firm Indonesia Pondasi Raya (Indopora), rice producer Buyung Poetra Sembada, and boiler manufacturer Ateliers Mecanique D'Indonesie (Atmindo).