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Port operator Nusantara Pelabuhan Handal lists shares on IDX
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PT Nusantara Pelabuhan Handal president director Paul Krisnadi (third left) receives the firm's listing plaque from Indonesia Stock Exchange (IDX) director Samsul Hidayat at the IDX building in Jakarta on March 16. (JP/Prima Wirayani)
P
ort operator PT Nusantara Pelabuhan Handal (NPH) officially listed its shares on the Indonesia Stock Exchange (IDX) in Jakarta on Thursday.
The stocks, traded under the code PORT, opened at 640 apiece, 19.63 percent higher than their initial public offering (IPO) determined share price of Rp 535 (4 US cents).
The firm, whose controlling shareholder is business tycoon Garibaldi "Boy" Thohir, reaped Rp 308.6 billion from its IPO, which floats as many as 576.86 million shares.
(Read also: IDX targets 110,000 new investors in 2017)
Around 65 percent of the proceeds, or Rp 200.59 billion, will be used to repay all of the company's loans to its shareholder PT Episenta Utama Investasi, while the remainder is allocated for this year's capital expenditure (capex).
"The capex will be used to purchase equipment and to develop our ports," NPH president director Paul Krisnadi told the press after opening the IDX trading on Thursday.
Currently, the firm operates two ports in Java and one in Thailand and does maintenance works on several ports.
The firm targets revenue growth of 10 percent this year, Paul stated.
NPH booked Rp 815.7 billion in revenue as of September last year while its bottom line reversed to a Rp 173.4 billion profit from a loss of Rp 40.4 billion during the same period in 2015. (bbn)
