Bumi Laksamana Jaya plans IPO for one of its subsidiaries

PT Bumi Laksamana Jaya (BLJ), a company owned by the Bengkalis Regency administration in Riau Province, plans to launch an initial public offering (IPO) for one of its subsidiaries next year or in 2016.

BLJ Group Director Yusrizal Andayani said in a statement obtained Thursday that the most feasible candidate for the planned IPO is PT Riau Energi Tiga (RET), which is currently developing a 1x50 MW gas-fired power plant in the regency?s Pinggir Sub District.

In addition to power plant business, BLJ is also engaged in other business activities including distribution agent for fuel products, construction materials retail, mini-market, waterpark and swimming pool. Its other subsidiaries include PT BLJ Migas which is engaged in oil and gas sector services particularly well construction services, PT Sumatera Data in information and technology business, property company PT BLJ Property, and PT BLJ Agro.

Editing by Reiner Simanjuntak