Shares of Indonesian palm oil company Sawit Sumbermas rise in debut

Shares of Indonesian palm oil company PT Sawit Sumbermas Sarana rose as much as 6% above its initial public offering price in its trading debut on the Jakarta stock exchange today.

Sawit Sumbermas shares rose as much as 710 rupiah (RM0.19), compared to its IPO price of 670 rupiah (RM0.18). More than 62 million shares were traded. The broader index was down 1.2%.

The company owned by Indonesian tycoon Abdul Rasyid raised about 1 trillion rupiah (RM268 million) from its IPO.

In the first half of this year, peers Multi Agro Gemilang Plantations, Austindo Nusantara Jaya Plantation and Dharma Satya Nusantara Plantations raised under 500 billion rupiah (RM134 billion) each. - Reuters, December 12, 2013.