Bina Puri plans to list power business unit on IDX
Saturday, April 23 2016 - 04:27 AM WIB
Malaysia?s Bina Puri Holdings Bhd announced Friday that the company plans to list its indirectly owned subsidiary PT Megapower Makmur on the Indonesia Stock Exchange (IDX).
PT Megapower is an 80 percent owned subsidiary of Bina Puri Power Sdn. Bhd (BP Power). BP Power is an 80 percent owned subsidiary of the company.
Bina Puri said in a statement that PT Megapower proposes to undertake an initial public offering involving a public issue of up to 300,000,000 new shares with nominal value of Rp 100 (equivalent to RM0.0299) per share in PT Megapower, representing approximately 30.93 percent of the total issued and paid-up share capital of PT Megapower, at an issue price to be determined at a later date (proposed public issue).
Upon successful completion of the proposed public issue, PT Megapower proposes to seek admission to the IDX and the listing of and quotation for its entire enlarged issued and paid-up share capital of up to 970,000,000 shares with the total nominal value of up to Rp 97,000,000,000 (equivalent to RM29,003,000) on the IDX.
PT Megapower, a limited liability company, was established by Deed No. 5 in Indonesia under the Laws of Indonesia on August 1, 2007. On July 15, 2010, it had converted its status from a domestic limited liability company to a foreign investment company.
The current authorised share capital of PT Megapower is Rp 265,000,000,000 (equivalent to RM79,235,000) comprising 2,650,000,000 ordinary shares with nominal value of Rp100 each (equivalent to RM0.0299) whilst its issued and paid-up share capital is Rp 67,000,000,000 (equivalent to RM20,033,000) comprising 670,000,000 ordinary shares with nominal value of Rp 100 each (equivalent to RM0.0299).
The main business of PT Megapower is in micro power generation where it leases and operates (including provision of maintenance services) diesel engine generators and mini hydro power plants for the generation of electricity for PT Perusahaan Listrik Negara. The electricity generated by these power plants and engine generators are supplied to the local community via PLN?s transmission infrastructure.
Editing by Reiner Simanjuntak