Soechi Only Issues 15% of New Shares

Soechi Lines has decided to downsize the new IPO shares issuance from 2.5bn shares (30%) to ~1.25bn shares or 15%. The IPO price has also been set at IDR550/share, lower than the previous range of IDR600-800/share. This action was taken by the management due to unfavourable market and industry condition. Therefore, Soechi will gain IPO fund of ~IDR687bn.