PT Bumi Raya Investindo is planning to launch its Initial Public Offering (IPO) in first quarter of 2014. PT Tiga Pilar Sejahtera Food Tbk (JKSE:AISA) will sell PT Bumi through IPO. Sjambiri Lioe, Finance Director of PT Tiga Pilar Sejahtera Food Tbk said, Tiga Pilar Sejahtera Food is planning to raise IDR 500 billion from IPO of its subsidiary.

He added, "The IPO proceeds will be used by Bumi Raya Investindo to acquire new land area of 26,000 to 27,000 hectares in Sumatra. As to acquisition, the company needs around IDR 1.5 trillion to IDR 2 trillion." Tiga Pilar Sejahtera Food had a stake of 65% in Bumi Raya and it will be diluted to below 50% after IPO.