JAKARTA (TheInsiderStories) – Mongolian firm, Bars Motors LLC, to construct an electric vehicles assembly plant in Bumi Benowo land owned by developer and warehouse company, PT Bumi Benowo Sukses Sejahtera Tbk (IDX: BBSS), it said today (04/28). The manufacturer prepared an initial investment US$10 million together with its partner PT Cipta Unggul Arta Nusantara.
“After two months of research, Bars Motors decided to start its first project in Surabaya with local company PT Cipta Unggul Arta Nusantara,” said D. Dembereldorj, Director of Bars Motors in a written statement released today (04/28).
His company choice Indonesia was because the country to become one of the automotive leader market in Southeast Asia. In addition, the manufacturer also wants to introduce new types of energy technology in the Indonesia and surrounding countries.
Bars Motors is a company that manufactures electric vehicles from Mongolia which has operations in several countries in Asia and Africa. The company produces passenger vehicle types, electric vehicles and heavy truck type transport trucks.
In this month, Bumi Benowo has listed its shares on the Indonesia Stock Exchange. The company offers 1.3 million new shares to the public or equal to 27 percent of the issued and fully paid up capital with price Rp120 a share and raised Rp156 billion (US$10.06 million) from the initial public offering. The funds were planned to buy a land in Gresik, East Java.
The company was established in Indonesia as a subsidiary of AAA Properties, a property developer based in Surabaya, East Java. Its parent’ portfolio is spread across Greater Jakarta and Surabaya areas, which consists of townships, super blocks, apartments, office towers, industrial estates, and other projects.
Referring to the bourse data, until third quarter of 2019, Bumi Benowo booked a sales of Rp20.36 billion and net profit of Rp3.94 billion. The revenue rose 427.56 percent and the net profit rose 442.67 percent compared to same period in 2018.
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