IPOs of Wijaya Karya Beton and Bank Agris on the Indonesia Stock Exchange
On Tuesday (08/04), Wijaya Karya Beton (Wika Beton) was officially listed on the Indonesia Stock Exchange (IDX) with listed company code WTON. Wika Beton, a subsidiary of majority state-owned construction company Wijaya Karya, specializes in the precast concrete industry of Indonesia. The company issued two billion shares, or 23.47 percent of its enlarged capital, and expects to raise up to IDR 1.28 trillion (USD $113 million), which will be used for business expansion and for additional working capital.
During the first trading session on Tuesday (08/04), Wika Beton's shares rose 29.6 percent to IDR 765 from IDR 590 at the start of the session.
Bank Agris
Another company that is expected to conduct an IPO in 2014 is Bank Agris. The company, established in 1973, will conduct its mini expose on Friday (11/04). However, it is unknown how many shares it will offer to the public. The bank is for 99.66 percent owned by Dian Intan Perkasa and the remainder is controlled by Benjamin Jiaravanon. Bank Agris' assets stood at IDR 2.28 trillion (USD $201.8 million) per September 2013.
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