Newly listed construction company PT Acset Indonusa is expecting to win more projects in the country, where infrastructure development is on the rise, and is aiming to become a regional player.

The company is bidding to construct or be appointed subcontractor for a number of infrastructure and infrastructure-related projects, such as a power plant, a Mass Rapid Transit (MRT) system and silos for a cement company.

Acset president director Ronnie Tan said the company was working on a deal to win a subcontracting project for the development of a 2x100-megawatt power plant in East Kalimantan.

'€œThe power plant'€™s EPC [engineering, procurement and construction] will be carried out by a Chinese consortium. Acset will work on its onshore civil engineering for [one of the consortium companies],'€ Tan said after Acset'€™s shares were listed on the Indonesia Stock Exchange (IDX) on Monday, adding that Acset expected to start working on the project before year'€™s end.

He, however, declined to reveal the value of the works.

Acset was also seeking to work on a cement company'€™s silo project in East Kalimantan, corporate secretary Any Setyowati said.

Acset has also been appointed subcontractor for specialized works on the development of Jakarta'€™s MRT system. The MRT project will be developed by two consortiums, Shimizu-Obayashi-Wijaya Karya-Jaya Konstruksi and Sumitomo Mitsui Construction Company-Hutama Karya.

Acset recently announced that it would also become the main contractor for the Rp 800 billion (US$80.8 million) District 8 project '€” an office, apartment and hotel complex '€” located in the Sudirman Central Business District (SCBD) in South Jakarta.

The company is also set to work on the development of office space at Thamrin Nine, whose development contract is worth Rp 250 billion, according to Tan.

But business expansion in Indonesia does not seem to be enough for Acset, which is now entering neighboring Myanmar by establishing a joint venture, Acset Myanmar Ltd., with a local company. Acset controls the majority stake of 51 percent.

'€œWe'€™ll be regional players in terms of expanding to emerging countries,'€ Tan said.

Acset kicked off its stock trading debut on Monday, after selling 155 million new shares, or 31 percent of its enlarged capital, in last week'€™s initial public offering (IPO). It raised Rp 387.5 billion from the offering, according to bourse figures.

Its shares opened 4 percent higher at Rp 2,600 compared to its IPO price of Rp 2,500. The shares, traded under the code ACST, touched its highest level of Rp 3,025, or 16 percent higher than its IPO price, before finally closing at Rp 2,825 on Monday, 13 percent higher than its IPO price.

The benchmark Jakarta Composite Index (JCI) inched up during the opening of the trading day but then slipped to 0.3 percent as of 12 a.m. The index closed at 4,429.46 on Monday, 1.9 percent lower than the previous closing.

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