IDX agrees in principal to listing of Bina Puri’s power subsidiary

KUALA LUMPUR: The Indonesia Stock Exchange (IDX) has principally agreed to the proposed listing of Bina Puri Holdings Bhd’s indirectly owned subsidiary PT Megapower Makmur Tbk.

Bina Puri, whose activities range from construction to utilities, told Bursa Malaysia that PT Megapower signed a preliminary listing agreement with IDX on May 16 (i.e. two weeks ago) It had applied for a listing to IDX on April 18,

Bina Puri also said that PT Megapower had also submitted an application on the proposed listing to Otoritas Jasa Keuangan (Financial Supervisory Authority of Indonesia) on Wednesday last week. 

PT Megapower, which leases and operates diesel engine generators and mini hydro power plants for the generation of electricity for PT Perusahaan Listrik Negara, proposes to undertake an initial public offering involving a public issue of up to 300 million new shares with nominal value of 100 rupiah (equivalent to RM0.0299) per share, representing about 30.93% of the total issued and paid-up share capital of PT Megapower. The issue price will be determined at a later date.