PT Widodo Makmur Unggas Tbk (WMUU) plans to issue corporate bonds by the end of this year to finance part of the capital expenditure needs, amounting to Rp1.5 trillion. The sale of corporate bonds will complement the financing sources from the recent initial public offering's proceeds.

Widodo Makmur Unggas President Director, Ali Mas'adi, said that his party plans to issue debt instruments or corporate bonds at the end of this year to support efforts to expand the business wing. In 2021, the company allocates Rp1.5 trillion from the previous Rp1.9 trillion, allocating investment funds to increase the broiler production capacity of 6.4 million broilers through two stages.

"IPO is not the only corporate action undertaken by Widodo Makmur Unggas. In the future, the company will continue to grow and according to plans in 2021 by increasing the capacity of the Poultry Slaughterhouse to a capacity of 25,500 chickens per hour," he said in Jakarta, Tuesday (2/2) 2).

In the midst of the COVID-19 pandemic, the company is optimistic that it can continue its positive performance record. The company projects sales to skyrocket by 436 percent and net profit of 259 percent from last year.

WMUU also focuses on developing the carcass production business, especially during the first semester of 2020, carcass production grew 22 percent to 16,000 tons.

"Our consumers are spread across Indonesia, and the national demand for protein for chicken meat continues to increase. So, we are sure that this year's sales will grow sharply," he explained.

WMUU conducted an Initial Public Offering of 1,941,176,500 shares of common stock or 1.94 billion shares. With a nominal value of Rp50 per share, 15 percent of the issued and fully paid capital funds after the IPO.

The total shares are offered to the public at an offering price of Rp180 per share. Proceeds of the IPO amounted to  Rp349.4 billion.