JAKARTA (TheInsiderStories) – State construction firm, PT Adhi Karya Tbk (IDX: ADHI) aimed to bring its unit, PT Adhi Commuter Properti (ACP), to list the share at the Indonesia Stock Exchange (IDX) in June 2021. The subsidiary targeting to raises fund around Rp1.5 trillion (US$107.14 million) from the initial public offering (IPO).
ACP engaged in property, town management and support, starting from the establishment of the Transit Oriented Development (TOD) as one of the company’ divisions. Finance Director Adhi Karya, Agung Dharmawan said on Monday (11/09), said the proceeds from the IPO will be used to finance projects being worked on by ACP.
This year, ADHI has a number of projects that are being worked on, like Binjai – Langsa toll road construction project, the Jogja – Solo – Kulonprogo toll road, Jakarta Lingkar Dalam toll roads, Cikunir – Ulujami Elevated Ring Road Toll, and construction projects through PT Adhi Persada Building.
In addition, there are industrial projects through PT Adhi Persada Beton, property projects through PT Adhi Persada Properti and ACP, as well as water management and waste management projects. To increase the expansion funds, the issuer through its subsidiaries, will also issue medium term notes worth of Rp500 billion in this year and in 2021, before the IPO of ACP, the constructor to issue another debt securities again.
“We still have an investment allocation of around Rp1 trillion, which will be diverted from this year to next year. We will also to issue debt securities to fund the capital expenditure (needs),” adds by Dharmawan.
As of September 2020, Adhi Karya has booked a new contract of Rp6.2 trillion, fell by 18.4 percent from the same period the previous year. From the contracts, the company generated revenue of Rp8.5 trillion.
The revenue mostly contributed by the construction and energy sectors, arround 79.5 percent, property 13 percent, and industry 7.5 percent. The net profit also decreased by 95.6 percent to Rp15.6 billion in nine months of this year.
Starting from an effort to contribute to providing a solution to congestion problems in DKI Jakart, ADHI was assigned to build the light rapid transit (LRT) and created new entity, Adhi Commuter. Starting from the establishment of the TOD and hotel department in May 2016, ACP became a subsidiary in July 2018.
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