Shareholders of PT Kedawung Setia Indutrial Tbk, receive Rp8 billion of funds from the release of most of their shares in the manufacturer of glassware and home furnishings based in Surabaya.
Quarading Ltd., a company based in Hong Kong, to sell 40 million shares of the period 1 July to 20 July with a price range of Rp200 per share.
Director Kedawung Harianto Wibisono and Fadelan declare the sale of shares to the market is purely shown to divest ownership of the position holder Quarading Ltd as a shareholder.
"After the sale transaction executed, then the ownership of the shares Kedawung Quarading left 24 million shares, equivalent to 5.83%," he said in the disclosure of information today.
Quarading entered Kedawung in 2007, a year after the company listed on the Surabaya Stock Exchange. Kedawung financial statements ended December 31, 2010 refer to the shares acquired as a result of debt conversion of Quarading to Kedawung.
Operating since 1973, now Kedawung has expanded by establishing PT Kedawung Setia Corrugated Carton Box Industrial. Subsidiary that produces cardboard boxes with a capacity of 15,000 tons per month, approximately 19% of the total national production.