Jun 10, 2008. /Lesprom.com/. Indonesian paper producer PT Kertas Basuki Rachmat Indonesia Tbk plans to raise up to 380 billion rupiah ($40.74 million) via an initial public offering this month, its president director said. The proceeds will be used to increase the firm's stakeholding in one of its units, PT Kertas Basuki Rachmat, to 99% from 33.65% and for working capital, Reuters reported. The firm plans to offer 1.36 billion shares between June 23 and June 25 at 250-280 rupiah ($26.8 - 30.1) each, raising around 340-380 billion rupiah ($36.5 - 40.8 billion). The company will be listed on Indonesia's main stock exchange on July 2. Indonesian brokerage firm PT Henan Putihrai has been appointed to handle the offering. The paper firm expects to increase its annual production to 200,000 tonnes of paper in the next five years from 40,000 tonnes. It booked sales of 201.3 billion rupiah ($21.6 billion) with a net loss of 57.8 billion rupiah ($6.2 billion) last year.