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PP Presisi prepares to hold IPO in November
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PT PP Presisi president director Iswanto Amperawan (second left) speaks to operational director Hasanin Ade Putra (left), finance director Benny Pidakso (second right) and independent director Arief Subyandono after a public expose event in Jakarta on Oct. 23. PT PP Presisi is a subsidiary of state-owned construction firm PT Pembangunan Perumahan (PT PP). (JP/ Audy Alwi)
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T PP Presisi, a subsidiary of state owned construction firm PT Pembangunan Perumahan (PP), has announced its plan to hold its initial public offering (IPO) in November.
PP Presisi will sell 35 percent of its total shares or 4.2 billion of shares at prices from Rp 430 (3.18 US cents) to Rp 550 apiece.
The company expects to collect Rp 3 trillion from the IPO.
"About 70 percent of the proceeds will go to capital expenditure, while the other 30 percent will go to our working capital. None will be used to pay loans," PP Presisi finance director Benny Pidekso said on Monday.
He added that the biggest portion of capital expenditure would be spent on procuring heavy machinery such as bulldozers and excavators to back up its current and future infrastructure projects.
The projects being constructed by the company include airports, ports, toll roads and dams. PP Presisi will also start book building from Oct. 23 to Oct. 31. The overseas roadshow will be implemented in a number of countries, including Singapore, to invite investors. (bbn)
