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Megapower Makmur listed on IDX
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The trading floor of the Indonesia Stock Exchange. (JP/Wienda Parwitasari)
I
ndependent electricity producer PT Megapower Makmur (MPOW) made its debut on the Indonesia Stock Exchange (IDX) on Wednesday, making it the 19th company to go public this year.
The company listed 245 million shares under the code MPOW, with an opening price of Rp 340 (2.55 US cents), up 70 percent from the offering price of Rp 200 per share.
The company earned Rp 49 billion, half of which will be used to pay off the company's debt to shareholders and the other half for further development of the company, Megapower Makmur president director Kang Jimmi said in Jakarta on Wednesday.
"This year, we are preparing one or two licenses and a study on a minihydro plant in South Sulawesi with an approximate capacity of 10 megawatts. Hopefully within three to six months, we can get the real estimate," he said.
Kang Jimmi said he was optimistic about achieving the company's targeted growth of 30 percent this year with the operation of a minihydro plant with a capacity of 4.2 megawatts that opened last year.
"With the additional minihydro plant to our eight diesel power plants, our total output can reach approximately 56 megawatts," he told reporters following the listing ceremony at the IDX building.
Megapower Makmur, established in 2007, operates hydroelectricity and diesel plants. It started commercial operation in 2010, when it obtained a contract from state-owned electricity company PLN in Bangka Belitung. (dis/bbn)
