Jakarta - PT Aman Agrindo Tbk (GULA) became the 31st listed company on the Indonesia Stock Exchange (IDX) in 2022.

Aman Agrindo, President Director Andreas Utomo, said the book-building process had gone well and illustrated investors' interest in investing in sugar cane plantations, sugar trading, and the sugar industry.

"Investors' trust is proof that the business managed by the company has good prospects,"  he said in his statement in Jakarta on Wednesday (8/3).

The company intends to use 23% of the IPO proceeds for capital expenditure in constructing a brown sugar factory and other supporting facilities to support third-party brown sugar production activities.

In addition, it plans to use 57% of the proceeds for capital expenditure in purchasing and installing brown sugar production machines with third parties; the rest will be used for working capital and to finance the company's operational activities.