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View all search resultsHutama Karya subsidiary plans IPO
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A Hutama Karya crane is operated at a construction site in Jakarta. (Kontan/Cheppy A. Muchlis)
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roperty developer HK Realtindo, a subsidiary of state-owned firm Hutama Karya, plans to raise Rp 1 (US$74.9 million) to Rp 1.4 trillion through an initial public offering (IPO) in the first half of 2017.
"As the property market is currently down, next year will be the right time for us to file an IPO," Hutama Karya president director I Gusti Ngurah Putra said after a press conference on Wednesday.
The company said it would consult with stakeholders and study market conditions before determining the number of shares it would release to the market.
“We [Hutama Karya] will still hold the majority of shares […] It should not be more than 49 percent,” he said.
Funds from the IPO will be used by the company to finance its expansion, including acquiring property projects and procuring land.
HK Realtindo president director Koentjoro said the firm would acquire property projects that already had permits located in Surabaya and Jakarta, with total valuation of Rp 2.5 trillion, as reported by Kontan. (win/evi)
