ABMM to sell subsidiary?s shares to public
Wednesday, November 21 2012 - 01:52 AM WIB
ABMM?s Finance Director Willy Adipradhana said in Jakarta on Tuesday that the company?s subsidiary PT Sumberdaya Sewatama, which is engaged in providing power supply and diesel power generator rental service, planned to sell about 20 percent of its shares through an initial public offering (IPO).
Willy said he was optimistic that Sumberdaya?s IPO would receive a positive response from the market following the success of its recent bond offering during which the company managed to raise about Rp 1 trillion from the bond sales.
He said that the funds to be raised from the IPO would be used to further expand Sumberdaya?s electricity business. For example, the company plans to build several mini hydropower plant with combined capacity of 50 megawatt within the next five years.
As part of the plan. Sumberdaya will build two mini hydropower plants with combined capacity of 20 MW next year. The company will need about US$2 million per MW to finance the project. It means that it will need at least $100 million to realize its five-year plan.
Sumberdaya also plans to operate more coal-fired power plants. Recently, the company acquired 70 percent of PT Energy Alamraya, which operates a coal-fired power plant in Aceh. (*)