5 December 2019 (closed)
USD/IDR (14,037) -57.00 -0.40%
EUR/IDR (15,593) -28.80 -0.18%
Jakarta Composite Index (6,152.12) +39.24 +0.64%
Cipta Kridatama, one of Indonesia leading mining contractor companies, plans to conduct an initial public offering on the Indonesia Stock Exchange (IDX) after 2015. The company believes that this corporate action will enhance transparency and good corporate management. Chief Executive officer (CEO) Irfan Setiaputri said that the company is eager to conduct the IPO but needs to wait until after 2015 in order to be fully prepared for this step. The company is currently busy expanding into other business sectors.
The business activities of Cipta Kridatama, a subsidiary of ABM Investama, ranges from surveys and exploration, modeling (topography and geology), drilling and blasting, overburden removal, mine extraction, transportation, supporting facilities construction, storage and processing facility management to mine rehabilitation.
This year, the company focusses to strengthen its core business as well as to diversify its business, penetrating infrastructure construction services, particularly as the coal mining business has been sluggish in recent years. Cipta Kridatama targets several projects, including toll roads, dams, ports, and oil & gas field development. The company’s expansion into construction should result in additional revenue of USD $50 million in 2015. Setiaputri said that the company is confident that it can compete with established names in the country’s construction sector, which include Adhi Karya and Wijaya Karya.