Monday, July 5, 2010

Agung Podomoro plans to raise IDR3 trillion from IPO

Property giant PT Agung Podomoro Group plans initial public offering (IPO) to raise IDR3 trillion proceeds.
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.
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.
This year the company aims to tap IDR3 trillion revenues growing by 12 percent from IDR2.7 trillion in 2009. 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 Haliman. 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.

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