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Waskita Beton Precast to go public in August
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Waskita Beton Precast, a subsidiary of state-owned construction firm Waskita Karya Tbk, is aiming to run an initial public offering (IPO) in August or September. (kompas.com/Ridwan Aji P.)
W
askita Beton Precast, a subsidiary of state-owned construction firm Waskita Karya Tbk, is aiming to run an initial public offering (IPO) in August or September, a top Waskita Karya executive announced in Jakarta.
Waskita Karya president director M. Choliq said the firm was on track to list Waskita Beton Precast shares on the bourse and estimated taking Rp 3 trillion to Rp 4 trillion (US$228 million to $304 million) in proceeds.
“The company will start a public offering as early as August but no later than the end of September,” he said after a hearing with the House of Representatives Commission VI overseeing industry and state-owned enterprises.
Proceeds from the IPO will be used to support massive expansion in response to the growing domestic demand that has resulted from the nationwide infrastructure boom , Choliq said.
Waskita Beton Precast hopes to increase its production capacity to 2.4 million tons in 2016, from last year's 1.8 million tons. It booked a non-audit revenue of Rp 2.6 trillion last year, and a net profit of Rp 330 billion. (sha/ags)
