Update COVID-19 in Indonesia: 497,668 confirmed infections, 15,884 deaths (23 November 2020)
23 November 2020 (closed)
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Pembangunan Perumahan (PP), an Indonesia-based government-controlled construction and investment company, plans to list its subsidiary PP Properti on the Indonesia Stock Exchange through an initial public offering (IPO). The subsidiary is expected to list 30 percent of its shares on the stock exchange and aims to raise between IDR 1.2 and 1.5 trillion (roughly USD $119 million) through this corporate action. The IPO is planned to be conducted in the first quarter of 2015. The possible lead underwriters are Mandiri Sekuritas and Bahana Securities.
Funds that are generated through the IPO will be used for business expansion.
In 2013, PP's net profit was recorded at IDR 420 billion (USD $37.2 million), up 35 percent from the previous year. The company announced that 30 percent of this profit will be used for dividend payments (IDR 26 per share). Meanwhile, revenues rose 145.6 percent to IDR 11.65 trillion (USD $1.03 billion) in the same period. Each line of business of PP posted significant improved financial performance in 2013: construction services in building and infrastructure, property, engineering, procurement and construction (EPC), as well as investment.
In total, PP targets new contracts worth of IDR 24 trillion (USD $2.1 billion) in 2014. So far this year, it has secured IDR 3.55 trillion worth of new contracts. Its projects include the Sawangan Depok Mall, Kutai Coal Terminal, Wang Residence Semarang, Hotel Amni Medan, and the Gempol-Sorong Toll Road.