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Heavy equipment service firm PP Presisi lists shares in IDX
Heavy equipment and construction services provider PT PP Presisi, a subsidiary of state-owned construction firm PT Pembangunan Perumahan (PTPP), listed its shares on the Indonesia Stock Exchange (IDX) on Friday after obtaining Rp 1 trillion (US$74.04 million) from the initial public offering (IPO).
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PT PP presisi president director Iswanto Amperawan (second right) speaks at a press conference with director of operations Hasanin Ade Putra (left), finance director and corporate secretary Benny Pidakso (second left) and independent director Arief Subyandono at the IDX building in Jakarta on Friday. (JP/Anton Hermansyah)
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eavy equipment and construction services provider PT PP Presisi, a subsidiary of state-owned construction firm PT Pembangunan Perumahan (PT PP), listed its shares on the Indonesia Stock Exchange (IDX) on Friday after obtaining Rp 1 trillion (US$74.04 million) from the initial public offering (IPO).
PP Presisi president director Iswanto Amperawan said 70 percent of the IPO proceeds, or Rp 700 billion, would be used for capital expenditure (capex) in 2018, to purchase new equipment and land and for other spending items.
The remaining Rp 300 billion would be kept as corporate equity. "The company will continuously invest in heavy equipment and human resources development to support infrastructure projects in Indonesia," he said at the IDX building in Jakarta.
Read also: PP Presisi pins hope on infrastructure
PP Presisi finance director and corporate secretary Benny Pidakso said the company needed a total of Rp 1.4 trillion for capital expenditure in 2018, with Rp 700 billion to come from bank loans.
The planned capital expenditure for 2018 is lower than the Rp 1.8 trillion allocated in 2017, because this year the firm acquired PT Lancarjaya Mandiri Abadi, a heavy equipment rental company. (bbn)
