Property giant PT Agung Podomoro Group plans to have initial public offering (IPO) targeting to tap IDR3 trillion proceeds.
Marketing director of Agung Podomoro Group Indra Widjaja Antono said the action is meant to finance the corporate projects in the future. IPO preparation so far is in consolidation process.
"We are studying the existing external and internal conditions and thus we can hardly mention it. I will announce it maybe within 1-2 months," he said to Bisnis last night.
Information from market players mentioned that Agung Podomoro prepared three securities companies to have IPO. On e of the underwriters is likely PT Mandiri Sekuritas. Target of IPO is to rake IDR3 trillion.
But Indra declined to confirm or to argue whether the company has invited some securities companies to inform the IPO and the underwriting tender with appointment of Mandiri and IPO proceeds target.
Separately, President Director of PT Mandiri Sekuritas Harry M. Supoyo asserted that there is no official appointment so far.
"We have not had any official appointment of lead underwriter for Agung Podomoro. It is too early to talk about IPO structure due to the unofficial state," he said.
When asked about the percentage of IPO and proceeds target, Harry said prior to registration fo Bapepam-LK, the percentage of shares and proceeds are subject to change.
With the same reason, Indra declined to provide detail elaboration. The company surely will use the IPO proceeds to speed up project development as from 2012 into 2011. But the final decision has not been made yet.
The project development of Agung Podomoro project next year tends to be commercial project in Jakarta such as a decent owned apartment commonly so-called anami.
This is due to the mounting anami sales potentials worth IDR300-600 million. Agung Podomoro will keep targeting residential and commercial markets across Greater Jakarta. "We will have not had any project plan outside Java in the near future."
This year the company aims to tap IDR3 trillion revenues growing by 12 percent from IDR2.7 trillion in 2009. UP to semester I/2010 the company raked IDR1.5 trillion or half of the target.
Indra added to meet the IDR3 trillion revenue target, the company allocates IDR1 trillion capital expenditure. The fund is allotted for the development of Kalibata Residences apartment.
Some 40 percent of the capital expenditure resources are from loans provided by three banks, BNI, CIMB Niaga, and BII.
Agung Podomoro Group (APG) was founded in 1969 by Anton Ha-liman. The initial project is in Simprug housing, South Jakarta. The project finished in 1973. In 1986 the company was controlled by Trihatma Kusuma Haliman and since then on, Agung Podomoro started its expansion.
On the 1997 crisis, Agung Podomoro divested all assets to pay debt. But in 1999 it sold the auctioned land by the Indonesia Banking Restructuring Agency.
Now, Agung Podomoro has 50 hectare plots of landbank in Jakarta, Bandung, and Samarinda. There are at elast 49 projects of apartment, housing, and mix use. (Bisnis/10/bpj/bsi/mmh)
http://www.bisnis.com/pls/bisnis/bisnis.cetak?inw_id=741846
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