JAKARTA, NNC - PT Surya Pertiwi Tbk, a distributor of sanitary and fittings products such as toilets and sinks under the brand TOTO will offer its shares to the public through an Initial Public Offering (IPO).
The company plans to release 700 million shares, equivalent to 26 percent of the total issued and fully paid capital in the company. PT Ciptadana Sekuritas acts as the Underwriter for the company's share offer.
"The company is a distributor of TOTO products from Japan, whose stock price is in the range of IDR1,160 to IDR1,520 per share," said PT Ciptadana Sekuritas’ President Director ,Ferry Budiman Tanja in Jakarta on Monday (4/16/2018).
The company expects to raise about IDR812 billion to ID1.06 trillion from the corporate action. Funds of that size will be used to settle debt payments.
The company which was established since 1917 has been the sole agent of TOTO Japan since 1968. Then in 1977, together with TOTO Japan, it established PT Surya Toto Indonesia Tbk to produce and sell TOTO brand products under TOTO Japan license.
To date, the company is the exclusive distributor of lndonesia for sanitary and fittings products under the TOTO brand. More than 90 percent of the company's sales products are TOTO brands, while the rest are products from other manufacturers, especially European brands.
The company through its subsidiary also produces sanitary wares in the Surabaya factory with a production capacity of around 500,000 units per year.
As of December 31, 2017, the company has 11 sole distributors covering 14 major cities and surrounding areas outside Greater Jakarta and Surabaya, and more than 100 dealerships in Greater Jakarta and Surabaya.
Over the past year, the company posted sales of IDR2.14 trillion, of which 89.5 percent was from local merchandise and the remaining 10.5 percent was the sale of imported goods.