Megapower to sell 30% stake via IPO
Tuesday, May 30 2017 - 02:46 AM WIB
PT Megapower Makmur Tbk, which is primarily engaged in the construction, operation and maintenance of power plants, plans to sell 30 percent of its stake to the public via initial public offering (IPO) next month.
Megapower President Director Kang Jimmi said on Monday that the company will sell the shares at a price range of Rp 200-Rp 250 per share, hoping to raise between Rp 49.02 billion and Rp 61.27 billion in proceeds.
He said that about half of the proceeds will be used to repay debts, and the remainder for working capital particularly for operation and maintenance of power plants.
The company has appointed KGI Sekuritas Indonesia as lead underwriter for the planned IPO. Book building process was scheduled on May 23-June 5, 2017, and listing on the Indonesia Stock Exchange expected on June 21.
Megapower, which is a local subsidiary of Malaysia?s Bina Puri Power Sdn Bh, last year started operating a 2x2.25 kW mini hydro power plant in Bantaeng, South Sulawesi Province.
Editing by Reiner Simanjuntak