Atlas Pearl to Raise Fund for Expansion

Resources

Monday, 30 January 2012 12:58

Written by Hatman Bintang

SYDNEY, Indonesia Today - Australian pearl company, Atlas South Sea Pearl Ltd, plans to raise capital in early 2012 to fund up its continuing operation expansion in 2010/11.

According to Atlas’s press statement, the company, which has pearl farms across Bali, Flores, Alor, and Papua, claimed recording a very successful year with an increase of 25% in overall loose pearl sales from 2010 to 2011.

However, the deepening Eurozone crisis affect the demand for wholesale pearls and has placed considerable negative pressure on the pearl market price forcing Atlas to discount in order to maintain overturn.

“Fortunately, Atlas remains in a strong position compared with many other pearl farmers as a consequence of low production cost and good quality,” Chairman Steve Birkbeck stated.

The Chairman said the company is preparing itself for challenging times in the next 12 months and intends to raise further capital in early 2012.

“In line with previous expectations, the company will seek to raise further capital in early 2012 to capitalise on the successful expansion program undertaken in 2010/11,” he added.

Atlas South Sea Pearl Ltd is an Australian based pearling business established in 1992, operating pearl farms spread across Bali, Flores, Alor and Papua. Atlas owns high quality grading and loose pearl distribution business, a jewellery manufacturing capability and sales direct to customers through retail partners or via its Bali based retail outlets. (bintang@theindonesiatoday.com)

Atlas South Sea Pearl

» Sarana Menara gains 29.5%

Indonesia News - PT Sarana Menara Nusantara (TOWR) Tbk has kicked off the trading of its stocks on IDX this morning with 29.52% gain. But trading value was insignificant at Rp5 billion.

Latest News

Atlas South Sea Pearl

» Sarana Menara gains 29.5%

» Bumi Plc Ends Lower Despite BUMI-Berau Merger Rumor

» Manpower Ministry Staffs Get 3 Years Jail on Graft Case

» KPK to Examine Nazaruddin in Bribery Scandal

» Adhi Karya Acquires FeNi Haltim Project

» Bank Indonesia Concerns about Shadow Banking in Multi-Finance Industry

» CPO Contracts Drop, Plantation Stocks Follow Suit

» Etika Expands Condensed Milk Operation in Indonesia

» Court Ruled in Favor of Suryaprana in Friesland Lawsuit

» Serica Would Still Sell Interest in Kambuna Gas Field

» DC Circuit Reinstates Human Rights Case Against ExxonMobil in Indonesia

» Heavy Rain Hits Australian Coal Miners

» Sierad Produce Secures Rp100 Billion Loan from BSM

» A Team Sent to Fetch Nazaruddin

» Bank Agroniaga to Launch Rights Issue in Second Half

Latest News

Most Read

Most Read

Industries

Politics

Law

People