Garudafood is Officially a Public Company by Releasing 10,34% Shares

PT. Garudafood Putra Putri Jaya Tbk. (share code: GOOD), is one of the leading food and beverage companies in Indonesia, today successfully managed to register the prime shares or Initial Public Offering (IPO) at Indonesia Stock Exchange and obtain funds to improve the capital share Rp. 979,48 billion. The price of prime stock is set at Rp. 1.284 per share.

President Director of Garudafood, Mr. Hardianto Atmadja said, IPO is one of Garudafood’s plans to strengthen the working capital to run the business expansion as a company’s strategy in the long term.

“We thank you for the support and a good cooperation from government, regulator, the underwriter of bond issuance and professions and non supporting Indonesian stock market supporting institutions, business partner, and investors who has actualized a dream of Garudafood to a public company .We are 44th issuers for IPO in 2018 in Indonesia Stock Exchange,’ said Mr. Hardianto, at the prime stock listing at Indonesia Stock Exchange, Jakarta, Wednesday (10/10/2018).

Garudafood issued new shares as many as 762,84 million including the shares which was published to Pelican Company Ltd . As many as 727,84 million shares in implementing the conversion of Mandatory Convertible Bond (MCB). Simultaneously to this IPO, Garudafood hold Program Alokasi Saham Karyawan (Employee Stock Allocation or ‘ ESA’) which 2.8 million shares.

Mr. Hardianto said IPO has become a positive momentum for Garudafood to continue growing sustainably in which to optimize the market opportunities in a high range, both in Indonesia and ASEAN. IPO will also take a new standard in terms of corporate governance in the needs of modern company.

Director and Corporate Secretary of Garudafood, Mr. Paulus Tedjosutikno said as a food and beverage producer, Garudafood has registered a very solid performance. During the four months period until April 2018, sales recorded up 13,5% to Rp 2,9 trillion from Rp 3,5 trillion for the same period in 2017. The net profit the a company is also growing 136% to Rp. 222,5 billion during the four months period until April 2018 compared to the same period in 2017 which was Rp 94,5 billion. An asset total of Garudafood per 30 April 2018 recorded Rp 4,3 trillion or growing 22,6% compared to its position in 31 December 2017 which was Rp 3,5 trillion.

This good financial performance of Garudafood is supported by the products, which are very popular among markets or community. Currently, Garudafood is producing and selling food and beverage under these flagship names such as Gery, Garuda, Chocolatos, Leo and Clevo. Those products are biscuits, nuts, pilus, chips, confectionery, milk drinks and cocoa with a total about 100 SKU per 30 April 2018. For now, Garudafood has been executing the exports sales to more than 20 countrues with a focus on ASEAN countries, China and India.

Director Head of Investment Banking PT Indo Premier Sekuritas, Mr. Rayendra L. Tobing, said the shares of Garudafood is expected to be one of the shares that becomes an interesting choice to invest by public. During the public offering period, conducted on 2-4 October 2018, the reservations of Garudafood’s stock had a surplus of demand to six times from the number of shared offered. This indicates a high public trust towards the performance of Garudafood and business prospect in the future.

In this industry, the prospect of food and beverage business in Indonesia is very potential along the population growth and middle class purchasing power in Indonesia. Nielsen, a global research company, listed that in the 1st quartal 2018, the quantity of snack in Indonesia grew 8%, whereas the biscuit market grew 5%.

This food and beverage industry is projected will be one of the main sectors  of retaining manufacture growth and national economic in the future. Ministry of Industry listed the contributions of food and beverage industry to PDB non oil and gas industry reached 34,95% in 3rd quarter of 2017. This performance has become that sector as the biggest contributor to PDB industry compared to other sub sectors.

“We hope, this positive performance of Garudafood will give an added value to the investors and our stakeholders. Garudafood will continuously sustain the healthy business growth and adhere to the terms of good corporate governance in order to provide the optimal benefits to all stakeholders,’ said Mr. Paulus.

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