Jakarta, CNBC Indonesia – Minister of State-Owned Enterprises (BUMN), Erick Thohir, admitted that of the 28 state-owned companies whose shares have been listed on the stock exchange, six of them had unsatisfactory stock performance.
This was conveyed by Erick in a Working Meeting with Commission VI DPR RI, Thursday (2/12/2021).
“There are issues that we have learned that we know that there are 28 SOEs already go public but the six are not optimal, we also don’t want to IPO SOEs that are not optimal,” said Erick.
The same concern is happening now with the listing of PT Adhi Commuter Properti’s shares on the Indonesia Stock Exchange (IDX) in the near future. The reason is that this stock is currently waiting for it to be effective from the Financial Services Authority (OJK) before this stock makes a public offering to potential investors.
However, this IPO plan has been set since 2018, before Erick served as Minister of SOEs. So that currently only the results can be monitored.
“We continue to monitor it because this is a 2018 policy, but frankly we are quite concerned with this IPO. Because this is not like, sorry, which is like being escorted to us, that this has a big impact,” added Erick.
For information, the property development company, a subsidiary of PT Adhi Karya Tbk (ADHI) plans an IPO with a maximum number of 8,011,204,500 shares to be offered or equivalent to 28.6% of the company’s issued and fully paid shares after the public offering.
Referring to the prospectus, these shares are offered at a price range of Rp 130-Rp 200 per share. Thus, the company will get fresh funds from this share offering worth Rp 1.04 trillion to Rp 1.60 trillion.
In this IPO, the company appointed underwriters including PT Bahana Sekuritas, PT CIMB Niaga Sekuritas, PT Maybank Sekuritas Indonesia, PT Mirae Asset Sekuritas Indonesia, PT RHB Sekuritas Indonesia, and PT Sucor Sekuritas.
Currently, the company is still in the book building process, which will be completed on December 3. This book building process takes longer than the usual IPO because it has been going on since November 12, 2021.
The company targets to be able to get effective from the Financial Services Authority (OJK) on December 10, 2021 and conduct a public offering on December 14-20 2021. It is targeted that the listing of shares can be done on December 22, 2021.
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