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Indonesian property developer HK Realtindo has delayed its planned IPO following a government’s scheme to set up holdings co for state-owned enterprises. HK Realtindo is a subsidiary of state-owned Hutama Karya, which is most likely to be appointed as holding firm for all state-owned construction companies.
“The state-owned ministry now wants a bigger asset size, and they want us to wait until the holding set-up process done,” said I Gusti Ngurah Putra, Hutama Karya president director, in Jakarta.
However, he did not say if a new timeline has been set.
HK Realtindo had expected to go public in the fourth quarter of 2016 or early 2017, raising $139 million from selling 35 per cent of shares. It had intended to use the funds for working capital and landbank acquisitions.
Bahana Securities, Mandiri Sekuritas, Danareksa Sekuritas, BNI Securities, and RHB Securities Indonesia has been appointed the five underwriters. Administration procedures have also been completed, Putra said
“We have received huge interest from quite a number of investors, including state-owned pension funds,” revealed Putra.
HK Realtindo has seven property projects to develop in Java. They consist of six high-rise buildings and one landed-house complex with a total investment of about Rp 2 trillion. Deal Street Asia
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