The Jakarta Post
PT Indonesia Kendaraan Terminal (IKT), a subsidiary of state-owned port company PT Pelabuhan Indonesia (Pelindo), II is set to conduct an initial public offering (IPO), aiming to attain at least Rp 1 trillion (US$71.45 million) from the corporate action.
President director Chiefy Adi Kusmargono said on Monday that the company would offer 561.1 million shares to investors, or 30 percent of company stocks. Out of the 30 percent, the 10 percent would be offered to strategic investors such large port operators in Southeast Asian countries such as Thailand and Malaysia.
"We are seeking strategic partnerships with the biggest port operators in ASEAN [countries] by offering our shares," he said during a press conference in Jakarta.
He added that 50 percent of the proceeds would be used for capital expenditure, 25 percent for long-term land lease and the remaining 25 percent for working capital.
"We plan to build an elevated parking garage and develop car terminals in Sumatra, Java and Kalimantan," Chiefly said.
In 2017, the company saw its net income increase by 32.22 percent year-on-year (yoy) to Rp 130.1 billion from Rp 98.4 billion in 2016. Meanwhile, its revenue increased by 34.3 percent to Rp 422.1 billion from Rp 314.3 billion.
"We have an additional volume of between 170,000 and 220,000 units per year from the new port operated by PT Pelabuhan Tanjung Priok [PTP] this year so the revenue can increase significantly," he said.