JAKARTA, Aug. 7 (JDN.id) – Indonesia’s media group Arkadia Digital Media will offer its shares to market through an initial public offering on Aug. 21-24 to expand its business, the company said on Monday.
“We will use the fund from the selling for business expansion which is for improving the infrastructure, purchasing hardwares, upgrading softwares and for operating capital,” William Martaputra, the CEO of the company said in South Jakarta as quoted by Suara.com.
He said the move is a huge strategic measure taken by the corporate to develop the business.
The online media and multimedia platform firm will become the first company in its sector in Indonesia to do IPO in the country’s largest stock exchange in Jakarta.
The firm will release 150 million shares, or 54.55 percent of its total capital, to the market.