JAKARTA (Yosefardi) – Property developer PT Sitara Propertindo Tbk (TARA) plans to acquire 200 hectares land this year which costs Rp269 billion, funded by its IPO proceeds.
Currently, TARA has land bank of 270 hectares. The company targets its revenues to grow by 143% to Rp270 billion this year.
Sitara, listed at the Indonesia Stock Exchange (IDX) Friday last week, offered 4 billion shares through the initial public offering (IPO), priced at Rp106, raising proceeds of Rp424 billion.
Sitara had total assets and equity of Rp969 billion and Rp627 billion respectively as at December 31, 2013. The company posted net profit of Rp4.12 billion last year, down from Rp6.19 billion in 2012, even though sales revenue expanded to Rp111 billion from less than Rp1 billion in 2012.