PT Toba Surimi Industries conducted initial public offering (IPO) on August 2, 2022, and raised IDR58.5 billion funds for capital expenditure (Capex) to increase its production capacity.
Toba Surimi was established in 1997 as a seafood processing company. It has 20 years of experience in the processed food industry. The company is a strong believer in a sustainable industry. It specializes in pasteurized products, canned products and frozen products. The US, Europe, Japan, Hong Kong, Canada, United Kingdom and Australia are the target markets. The company also received certificates from the British Retail Consortium (BRC), Hazard Analysis and Critical Control Points (HACCP), European Union (EU), Canada, Russia, Vietnam, South Korea and China.
President Director Gindra Tardy said the fresh fund from offering 20% of its shares to public would be used as Capex in the company’s expansion to increase production capacity and add five new fishing ships.
Recently, the company was focusing on its expansion to China as part of its plan to expand the overseas market, he added.
In the future, Toba Surimi will also look for expansion toward buying raw materials and supporting materials, wages and welfare and also operational expenditures.
However, according to Surabaya-based Airlangga University (Unair) in its July 1, 2022 paper, there have been several impacts of the COVID-19 pandemic on national fishing industry. Among the impacts are the decreasing seafood market value, the declining demand, the shrinking export of about 30-40% as well as the drop in tonnage from 793 tons (2019) to 295 tons (2020).
