JAKARTA (Yosefardi) – PT Wika Beton, subsidiary of state contruction firm PT Wijaya Karya Tbk (WIKA), has submitted bidding document for acquiring a company producing concrete in Batam, for a total value of Rp150-200 billion, Investor Daily reported this morning.
The acquisition is expected to complete before end of this year, funded by funds raised through medium term notes issuance and internal cash.
The concrete maker targeted for acquisition has production capacity of 100 tons per year. Currently Wika Beton has total production capacity of 2 million tons per year.
Wika Beton has total assets of Rp2.4 trillion by end of 2012, representing 21.9% of WIKA’s assets of Rp10.94 trillion.