Cikarang Listrindo lists shares on IDX
Tuesday, June 14 2016 - 09:36 AM WIB
By Thomas Sembiring
Power company PT Cikarang Listrindo listed its shares on the Indonesia Stock Exchange (IDX) on Tuesday following an initial public offering (IPO) last month.
Cikarang, which provides electricity to five industrial estates in Cikarang and Bekasi, West Java Province, sold 10 percent of its shares to the public raising about Rp 2.5 trillion in proceeds.
President Director of the company, Andrew K. Labbaika said on Tuesday that about 70 percent of the IPO proceeds will be used to help finance expansion programs aimed at increasing its power capacity. Cikarang currently has installed power capacity 864 MW.
Editing by Reiner Simanjuntak