Mandiri Sekuritas insures 38.92% Pembangunan Perumahan stocks

PT Mandiri Sekuritas take the portion of 404.34 million shares or 38.92 percent shares of the 1.04 billion shares of PT Pembangunan Perumahan Tbk (PP) which will be sold at the initial public offering (IPO).

If compared to the other two underwriting, Mandiri Sekuritas portion is worth IDR226.43 billion or the largest.
PT Danareksa Sekuritas and PT DBS Vickers Securities Indonesia underwrote the portion of 380.59 million shares or 36.63 percent worth IDR213.13 billion, and DBS Vickers committed to absorb 207.79 million PP shares or 20 percent shares worth IDR116.36 billion.
PP plans to sell 1.04 billion shares of 21.46 percent in the IPO with a par value of IDR560 so as to tap some IDR581 billion. In the IPO, PP shares had 1.7 times oversubscription or worth IDR900 billion.

On the road show to Hong Kong and Singapore, there were two investment companies expressing interests, namely PT yaitu Fidelity and Pheim Asset Management.

The state construction company got effective statement from Bapepam-LK January 29, 2010. The offering was scheduled February 1-3, 2010 with initial listing on February 9. PP will allocate the proceed for investment on energy, construction, property, and PP working capital including the current project financing.
PP targets to get IDR16.2 trillion contracts in 2010 following the carry over project last year worth IDR3.6 trillion. The management targeted new contract this year doubled into IDR12.6 trillion as from the new contract of 2009 worth IDR6.1 trillion.