Pizza Hut Indonesia Gets Listed on IDX

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  2. Pizza Hut Indonesia Gets Listed on IDX
Pizza Hut Indonesia Gets Listed on IDX

Sarimelati Kencana, also known as Pizza Hut Indonesia, has listed around 604 million new shares from Initial Public Offering (IPO) on the Indonesia Stock Exchange on Wednesday (05/23). The company’s stock code is PZZA.

The company’s public offering was conducted on May 17-18, 2018, and the allotment period on May 21, 2018. With the offering price of IDR1,100 per share and total sold shares of 604,375,000 shares, Pizza Hut Indonesia obtained funds amounting to IDR664.812 billion.

The listing of 604,375,000 new shares originated from the company’s portfolio, or by 20 percent of issued and fully paid-up capital after IPO. In addition, Pizza Hut Indonesia will also list all general shares on behalf of its shareholders before the initial public offering of 2,417,500,000 shares of issued and paid-up capital after IPO.

Therefore, the number of shares to be listed by the Pizza Hut Indonesia on IDX is 3,021,875,000 shares, or 100 percent of total issued and paid-up capital after IPO.

Meanwhile, Jeo Sasanto, Director of Sarimelati Kencana, said the company plans on using 65 percent of the IPO proceeds to increase the capital expenditure for the opening of new outlets and the renovation of Pizza Hut Restaurant (PHR) and Pizza Hut Delivery (PHD).

The company also plans to expand its outlet network to cities in West Java, Central Java, East Java, Sumatra, Kalimantan, Eastern Indonesia, and other regions. The remaining 35 percent will be used for partial repayment of bank loan facilities.

As of December 31, 2017, Pizza Hut Indonesia has operated 237 PHR outlets and 156 PHD outlets covering 76 cities and districts in 28 provinces in Indonesia. The company also operates pasta factory in Jakarta, sausage factory in West Java, dough ball factory in Jakarta and West Java, and commissary dough ball in West Java, Central Java, East Java, Bali, South Sulawesi and North Sumatra.

Sarimelati Kencana, as a Pizza Hut franchise holder in Indonesia, was established in 1987 with shareholder structure comprised of Sriboga Raturaya (90.99 percent) and Mountain High Investments Limited (9.01 percent).

In its initial trade, PZZA’s stock price rose by 5 points (0.45 percent). THe stock was traded 4,082 times, with trading volume of 303,591 lots, and trade value of IDR33.5 billion.

Source: Netral News | 23 May 2018