JAKARTA (Yosefardi) – Property developer PT Binakarya Jaya Abadi plans to launch the initial public offering (IPO), offering 20% shares to public. The company targets to raise Rp250-300 billion from IPO.
Binakrya will use the IPO proceeds for funding this year’s capital expenditure (capex) and property development projects located in Muara Baru, Pluit, Samarinda, Balikpapan, Yogyakarta, Makassar, and Manado.
Binakarya also plans to diversify its business by entering hotel industry. Its hotel projects are among others Swissbelhotel Kuta and Watu Jimbar, condotel in Bali, and Bogor Valley Residence & Hotel. It also has commercial and office business such as Pluit Office Centrum (Jakarta), Palm Paradise, and Palm Bay Water Park in Cengkareng (West Jakarta).