PETALING JAYA: Bina Puri Holdings Bhd
’s 80%-owned Indonesian power subsidiary, PT Megapower Makmur Tbk, debuted strongly on the Indonesia Stock Exchange (IDX) today, opening 70% above its offer price.
The stock opened at 340 rupiah (about 11 sen), compared with its offer price of 200 rupiah (about 6 sen). It offered up to 245.10 million new shares for subscription and/or purchase.
At midday, PT Megapower remained unchanged at 340 rupiah.
The strong showing however didn’t seem to do much for Bina Puri, which was unchanged at 42.5 sen at 12.30pm.
IDX approved the application for PT Megapower’s proposed listing via a letter dated June 22.
Originally, PT Megapower was supposed to be listed at the end of last August. However, the listing was delayed as certain accounting transactions had to be reconciled because of the difference in accounting practices between Indonesia and Malaysia.
The Indonesian company has a 4.2 MW hydropower plant in Sulawesi that has been in operation since April last year.
It has eight diesel plants with a capacity of 28 MW, which generates power for PT Perusahaan Listrik Negara, a state-owned corporation with a monopoly on electricity distribution.
Bina Puri’s power business contributes only about 1% to the company’s revenue based on figures from the financial year ended Dec 31, 2016 (FY16).
In the latest available quarter, Bina Puri recorded revenue of RM279.03mil for the quarter ended March 31, of which RM241.2mil came from the construction business and only RM5.6mil came from the power business.
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