Asahimas Flat Glass: FY17 Results & Outlook

Asahimas Flat Glass (AMFG), market leader for glass producer in the country, reported a 85% drop in net profit to Rp39 billion in 2017 from Rp260 billion in 2016 due to higher costs including import costs of raw materials. The Company’s sales increased 4.3% to Rp3.88 trillion but cost of sales rose 12.2% to Rp3.29 trillion. Sales to Rodamas reached Rp1.39 trillion and sales to AGC Asia Pacific Pte Ltd/Singapore reached Rp1.2 trillion).

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Corporate Actions & Results

PT Evergreen Invesco Tbk (GREN) expects to raise Rp30 trillion from issuing 93.88 billion new shares, through preemptive rights scheme, representing 95.42% of its enlarged shares capital. GREN plans to use the cash raise to pay for its debts. Each shareholder with one old share, recorded at December 14, 2016, will be entitled to get 20 rights. Life insurer PT Asuransi Jiwa Bersama (AJB) Bumiputera acts as standby buyer. Current shareholders of GREN are Natural Crystal Holding Inc (53.26%), First Venture Limited (6.22%), and public investors (40.53%).

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