Truba Alam Manunggal to sell shares to public

PT Truba Alam Manunggal will go public by selling maximum five billion shares in order to raise Rp 400 billion, Kompas reported Monday.

The company?s finance chief Hadian Iswara said in Jakarta on Sunday that the proceeds of the initial public offering (IPO) will be earmarked for building two power plants with a capacity of 2x25 megawatts (MW) and 2x100 MW respectively.

?The company needs money and the capital market is the right way (to get it),? Hadian said.

Truba is an operator of integrated power plant as well as a power plants building company specializing in engineering procurement and construction (EPC). The company has three subsidiaries: PT Maxima Infrastructure (in coal sector), PT Manunggal Power (power plants) and PT Manunggal Infra Solusi.

?This week we will submit our IPO proposal to the Capital Market Supervisory Board. If everything goes smoothly, we are hoping to list Tuba shares on the Jakarta Stock Exchange by end of September,? Hadian said.

Vice President of Investment Bank PT Danatama Makmur Steffen Fang said the IPO price can?t be revealed at this moment. Danatama Makmur Sekuritas is the underwriter of the issue. (*)