KUALA LUMPUR: Bina Puri Holdings Bhd
has proposed to list its indirect subsidiary PT Megapower Makmur Tbk on the Indonesia Stock Exchange.
The property-construction company said on Friday PT Megapower would undertake an initial public offering involving a public issue of up to 300 million new shares with nominal value of 100 rupiah (2.99 sen) per share.
Bina Puri said this tranche of new shares represented 30.93% of the total paid-up of PT Megapower, at an issue price to be determined later.
It added after the proposed public issue, PT Megapower would seek to list and quote its entire enlarged issued and paid-up share capital of up to 970 million shares with the total nominal value of up to 97 billion rupiah (RM29mil).
PT Megapower is an 80% owned subsidiary of Bina Puri Power Sdn Bhd, which is in turn 80% owned by Bina Puri.
It said PT Megapower was involved in micro power generation where it leases and operates diesel engine generators and mini hydro power plants and supplies it to PT Perusahaan Listrik Negara.
Bina Puri said the proceeds raised from the proposed listing would be used by PT Megapower and used as additional working capital, repaymentof loans and to defray expenses relating to the listing.
On the rationale, it said the floatation would enable PT Megapower to gain direct access to the capital markets in Indonesia for cost effective capital raising in the future.
It added the exercise would provide the company an opportunity for the investors to participate in PT Megapower’s continuing growth by way of equity participation.
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