PT Indonesia Fibreboard Industry Tbk (the “Company”) was established in Indonesia on September 24, 2007 based on the Notarial Deed No. 94 made by Johny Dwikora Aron, S.H. The deed of establishment was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia through its decision letter No. C-05183 HT.01.01.TH.2007 dated December 3, 2007.
The Company engage in the industry of Medium Density Fibreboard (MDF) and other processed wood products. The Company started its commercial operations in middle of 2012. Initially, the Company only produced Medium Density Fibreboard (MDF) with an installed machine capacity of 250,000 m3 per year. Furthermore, the Company developed and expanded the variety of other processed wood products such as Plywood, High Moisture Resistant (HMR), and Veneer. The Company's products are marketed either domestically or exported abroad. The export destinations for the Company's products in 2023 include Indonesia, Malaysia, United States of America, Taiwan, South Africa, China, Korea, Japan, Vietnam, Saudi Arabia, Lebanon, Iraq, Jordan, Ivory Coast, Equatorial Guinea, United Arab Emirates, and Egypt. The Company's integrated wood processing factory is located in Mendis Jaya Village, Bayung Lencir District, Musi Banyuasin, South Sumatra with a land area of 496,676 m2.
On December 02, 2019, the Company obtained the effective statement from the Financial Service Authority (”FSA”) in its letter No. S-186/D.04/2019 to conduct Initial Public Offering (”IPO”) of 1,412,000,000 common shares with a par value Rp100 per share, while the offering price of Rp105 per share.
On December 10, 2019, all of the Company’s shares were listed on the Indonesia Stock Exchange (“IDX”) pursuant to Letter No. S-07900/BEI.PP1/12- 2019 regarding Approval of Shares Listing dated on December 5, 2019 with share code of IFII. In this corporate action, the Company appointed PT Investindo Nusantara Sekuritas as the lead underwriter. Meanwhile, PT Corpus Sekuritas Indonesia and PT Panin Sekuritas Tbk acted as underwriter.
Furthermore, on July 29, 2021, the Company started the construction of additional MDF second line production facilities and its supporting infrastructure at the Company's factory site, built near to the existing MDF production facilities. The construction of additional MDF second line production facilities and its supporting infrastructure has been approved by the Company’s Annual General Meeting of Shareholders on June 28, 2021 as stated in the Deed of Minutes of the Annual General Meeting of Shareholders No. 29 dated June 28, 2021. The Company has entered the completion stage of the construction of the Company’s additional MDF second line production facilities in March 2023, it will increase the installed capacity of MDF production from prior 250,000 m3 /year to around 450,000 m3 / year. In April 2023, the Company’s additional MDF 2nd line production facilities has started commercial production.