ABM Investama officially lists shares at IDX

ABM Investama, an affiliate of PT Tiara Marga Trakindo group, officially listed its shares at the Indonesian Stock Exchange (IDX) today (Dec.6) following a successful IPO, under which it sold 20% of its stake for Rp 2.1 trillion.

The company will use up to 70% of the IPO proceeds to finance the expansion of its subsidiaries, 24% to refinance debts and the remaining 6% to strengthen working capital.

The IPO was 4.12 times oversubscribed.

?The listing today is a historic moment for us and of course a new challenge. It will strive us to work even harder to improve the confidence of investors and related stakeholders in the company,? said President Director Andi Djajanegara.

ABM Investama (ABM) has 5 subsidiaries, namely PT Reswara Minergi Hartama (coal producer & port owner), PT Cipta Kridatama (mining contracting), PT Sumberdaya Sewatama (electricity solutions), PT Sanggar Sarana Baja (engineering services) and PT Cipta Krida Bahari (logistics). (giok)