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Mega Manunggal Property, an Indonesian developer and provider of logistics facilities, officially listed its shares on the Indonesia Stock Exchange (IDX) on Friday (12/06) hence becoming the sixth company to have conducted an initial public offering (IPO) on the IDX this year and bringing the total number of listed companies on the IDX to 511. Mega Manunggal Property offered 1.7 billion shares, or 30 percent of its enlarged share capital, for a price of IDR 585 (USD $0.04) per share hence raising IDR 1 trillion (USD $76 million).
The Jakarta-based company made a successful debut as its shares rose 49.6 percent to IDR 875 on the first trading day, reflecting investor confidence. After the IPO, the company's shareholders composition consists of Mega Mandiri Property (69.30 percent), Hungkang Sutedja (0.70 percent), and the public (30 percent).
Mega Manunggal Property, founded in 2010, provides logistics facilities in Indonesia by leasing warehouse and office spaces, including general warehouses, built-to-suit warehouses, office buildings, and logistics warehouses.
Fernandus Chamsi, Managing Director of Mega Manunggal Property, said that the proceeds generated from the IPO will be used entirely to fund the company's operations. Around 90 percent is to be used for the acquisition of new land while the remainder is to be used for capital expenditure (capex) on construction of logistic property. The company will acquire 60-hectares of land in Jakarta (and surrounding areas), East Java, and in a later stage in Kalimantan and Sulawesi.
The company has an IDR 560 billion (USD $42 million) hedged debt from the Bangkok Bank which is due four years from now. Apart from this foreign USD-denominated debt, Mega Manunggal Property is not plagued by the depreciating rupiah as it mostly uses domestically sourced materials for its projects (for example iron and cement).
In 2014, the company earned IDR 141.9 billion (USD $10.7 million) in revenue, up from IDR 119.5 billion in the preceding year. Net profit stood at IDR 286.4 billion, up from IDR 90.5 billion in 2013.
Before the listing of Mega Manunggal Property (MMLP), the other companies that conducted an IPO on the IDX this year were Bank Yudha Bhakti (BBYB), Mitra Keluarga Karyasehat, (MICA), PP Property (PPRO), and Puradelta Lestari (DMAS). One company relisted its shares on the IDX i.e. Mitra Energi Persada (KOPI).
Stock Quote Mega Manunggal Property - MMLP:
Last Update: 30 Nov 2018
IPOs on the Indonesia Stock Exchange up to 12 June 2015
|Company||P: 30 Nov 2018||P: 29 Nov 2018||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Bank Yudha BhaktiBBYB||284||290||-2.07%||N/A||0.00%||-17.92%|
|Mitra Keluarga KaryasehatMIKA||1,590||1,510||5.30%||N/A||0.00%||-10.67%|
|Mitra Energi PersadaKOPI||740||740||0.00%||N/A||0.00%||0.00%|
|PP Properti Tbk.PPRO||115||125||-8.00%||N/A||0.00%||-39.15%|
|Mega Manunggal PropertyMMLP||525||520||0.96%||N/A||0.00%||-10.26%|
Green colour indicates upward movement
Red colour indicates downward movement
P = price; E = earnings; D = dividend; Yield = D/P
"N/A" indicates P/E < 0 (negative earnings)
"-" indicates E,D,P or YTD is not available