Bina Puri's diesel power plants
KUALA LUMPUR: Bina Puri Holdings Bhd
is resuming the process of listing its indirect subsidiary PT Megapower Makmur Tbk, which was originally targeted to debut on the Indonesia Stock Exchange (IDX) in August last year.
In a statement to Bursa Malaysia, the construction, property development and power generation group said PT Megapower had on April 3 entered into a new preliminary listing agreement with IDX following the expiry of their original agreement dated May 16, 2016.
PT Megapower is in micro power generation, leasing and operating (including providing maintenance services) diesel engine generators and mini hydro power plants to generate electricity for state-owned PT Perusahaan Listrik Negara (PLN). It is an 80% owned subsidiary of Bina Puri Power Sdn Bhd, which in turn is 80% owned by Bina Puri Holdings.
Based on the previously announced proposal, PT Megapower aims to undertake an initial public offering involving a public issue of up to 300 million new shares with nominal value of 100 rupiah.
Following the proposed listing, Bina Puri’s equity interest in PT Megapower is expected to be diluted from an effective shareholding of 64% to 44.2%. It will, however, remain the single largest shareholder.
According to Bina Puri’s circular to shareholders on June 13 last year on the proposed PT Megapower listing, the company had targeted to complete PT Megapower’s listing by end-August 2016.
In its 2015 annual report issued on April 29, 2016, Bina Puri said the group had made significant investment in the power supply division, including US$27.5mil (RM121.9mil) of micro diesel generated power plants (28MW capacity in total) already operating in eight locations across Indonesia together with a mini hydro power plant (4.2MW capacity) in Bantaeng, south Sulawesi, which began operation in April 2016.
For the year ended Dec 31, 2016, the power supply division recorded revenue of RM18.5mil from the supply of electricity power to PLN and PLTM Bantaeng and pre-tax profit of RM6.9mil against RM15.7mil and RM4.1mil respectively in 2015.
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