indoagri-offers-up-to-270-million-of-shares-to-meet-freefloat-rules

IndoAgri offers up to $270 million of shares to meet freefloat rules

The Indonesian palm oil company, which is primarily a consumption play, will trade in Singapore following the backdoor listing.

By Anette Jönsson

January 30, 2007

Indofood Agri Resources, or IndoAgri as it is commonly known, was in Hong Kong yesterday marketing an ongoing share sale that will complete its backdoor listing in Singapore.

The company, which is active throughout the entire palm oil value chain and is one of the leading producers of branded edible palm oils and fats in Indonesia, needs to increase the freefloat and broaden its shareholder base to comply with listing regulations and it is targeting a sale of up to S$422.5 million $270 million shares.

The company is looking to sell between 141 million and 338 million new shares, which at the bottom of the range will account for 12% of the company the...

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