JAKARTA - PT Waskita Beton Precast, A unit of state-owned construction firm PT Waskita Karya Tbk (IDX: WSKT), to launch an initial public offering ( IPO ) in September. Waskita Karya president director M. Choliq, said Waskita Beton expects to take up to Rp 4 trillion (US$304 million ) from the IPO proceeds.
The funds from the IPO will be used to support massive expansion of the company in response to the growing domestic demand that has resulted from the nationwide infrastructure boom, he said. Waskita Beton Precast hopes to increase its production capacity to 2.4 million tons in 2016, from last year’s 1.8 million tons. It booked a non-audit revenue of Rp 2.6 trillion last year, and a net profit of Rp 330 billion. (*)