JAKARTA (TheInsiderStories) – Two units of Indonesian construction operator PT Wijaya Karya Tbk (WIKA), namely PT Wijaya Karya Realty (Wika Realty) also PT Wika Industri and Konstruksi (Wika Ikon) will list is shares on the Indonesia Stock Exchange in 2019, said the chief executive on Monday (27/08).
The CEO Tumiyana hopes Wika Realty and Wika Ikon to get funding of Rp2 trillion (US$137.93 million), each. The two units will released a maximum of 35 percent shares through the initial public offering.
He said, WIKA’s ownership in Wika Realty reaches 90.88 percent, while at Wika Ikon 97.22 percent. The plan, Wika Realty shares will be released in the first quarter of 2019 and Wika Ikon in the second quarter of 2019.
Wika Realty has postponed a planned IPO due to market condition. In the initial plan, the company sought to raise $172.83 million to $229.63 million from an IPO scheduled in May.
The company will release 12.51 billion shares, equivalent to 25 per cent of its total paid-up capital. The company has set its IPO price at Rp195-Rp255 last April.
The firm planned to use 20 percent of the IPO proceeds to help fund capital expenditures on the existing projects. Another 43 percent will be used for the land acquisition.
This year, WIKA targeting to have order book worth of Rp130.61 trillion with revenues Rp50.23 trillion and net income Rp2.03 trillion. Next year, the order book is targeting Rp158.37 trillion with the revenues Rp60.96 trillion and net profit Rp3.21 trillion.
The major projects namely Terminal Kijing Mempawah Rp2.49 trillion, Flyover Teluk Lamong Rp1.19 trillion, 1,400 unit of Logement in Kourifa, Algeria Rp547.27 billion, Limbang Bridge in Malaysia Rp225.65 billion, TBBM Facilities Surabaya – Banyuwangi Rp207.40 billion, three Package of School Building In Jakarta Rp503 billion and Mandiri University in Jakarta Rp330 billion.
So far, WIKA handled first toll road in Kalimantan island, connecting Balikpapan to Samarinda city with total length 99.2 km and is expected to be completed in this year. The Mass Rapid Transit elevated sections have reach 93.90 percent, underground sections 97.70 percent, and all sections already 100 percent connected.
Furthermore, the Light Rapid Transit project has reached 81 percent and expected to be completed by August 2018. Then, Passeloreng dam in South Sulawesi with capacity of 138 million cubic meters that will irrigate 7,000 hectares area, and controlling flood in Wajo Regency.
Others, Java VIII Cilacap with capacity 1,000 megawatts (MW), one of the projects 35,000 MW power plants by 2019. And, Serang to Panimbang with total length 83.68 km will operated in 2020 with total investment Rp5.3 trilion.
Established in 1960 under the name Perusahaan Negara Bangunan Widjaja Karja, WIKA is one of the largest listed state-owned engineering, procurement and construction companies in Indonesia with diversified construction projects.
The company has four business segments namely industry, infrastructure and building, energy and industrial plant, also realty and property. WIKA is owned by the Government as to 65.05 percent and by public shareholders as to 34.95 percent.
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