Indonesian contruction firm PT PP go public this year

Indonesian contruction firm PT PP go public this year


Jakarta (ANTARA News) - Publicly traded state-owned construction company PT Pembangunan Perumahan (PP) is preparing its subsidiaries to launch initial public offering (IPO) at the Indonesian Stock Exchange (BEI) in the second half of this year.

The subsidiaries to float part of their shares this year include PT PP Presisi, PT PP Energi dan PT PP Urban, Chief Executive of PT PP, Tumiyana said here on Monday.

"We have not changed our plan. The corporation is still to launch IPO for three of its subsidiaries. PT PP Presisi would be the first to have its shares listed on the BEI," Tumiyana said.

He said PP Presisi already launch the process of naming supporting agency to back up the IPO plan, including cooperation with four securities companies - Danareksa Sekuritas, Bahana Sekuritas, CIMB Sekuritas Indonesia, and Mandiri Sekuritas -- as the underwriters.

"The process of IPO registration with the Financial Service Authority (OJK) and BEI would be done immediately in October, 2017," he said.

PP Presisi operates in civil work, ready mix, form work, foundation, and rental.

He said the corporation hopes to raise more than Rp10 trillion from the share sales including Rp3 trillion from PT PP Presisi, Rp5 trillion from PT PP Energi and Rp3 trillion from PT Urban .

He said PP Energi and PP Urban also are preparing for the IPO , adding the two subsidiaries are expected to be listed on the BEI in the last quarter of this year.