Jaya Konstruksi to go public next month

The Jakarta Post, Jakarta

PT Jaya Konstruksi Manggala Pratama, a construction company, is set to offer 300 million new shares -- equivalent to 10.22 percent of its capital -- in an initial public offering next month to finance its operation and expansion plans.

"We plan to offer the shares to the public from Nov. 12 to 14 this year and will list them on the Jakarta Stock Exchange on Nov. 20," Jaya Konstruksi president director Trisna Muliadi told Antara on Friday.

Trisna, however, would not say how much the shares would go for at the offering.

He said 30 percent of the IPO proceedings would be used to strengthen the company's financial structure, 30 percent to expand its business and the remaining 40 percent to fund new investments.

The IPO will be underwritten by PT Indo Premier Securities.

Jaya Konstruksi last year booked Rp 1.48 trillion in revenue with a profit of Rp 80.21 billion. Its earnings in the first seven months of this year amounted to Rp 727.59 billion with a profit of Rp 53.64 billion.

Jaya Konstruksi has been in charge of several property projects, including Menteng Park in Central Jakarta. The company, established in 1961, has also ventured into trade and construction materials manufacturing. It is 94.85 percent owned by PT Pembangunan Jaya.