Pelindo II Plans to List More Units on the Indonesia Stock Exchange
Indonesia Kendaraan Terminal (IKT), a subsidiary of Indonesia's state-owned port operator Pelabuhan Indonesia II (also known as Pelindo II), plans to complete its initial public offering (IPO) on the Indonesia Stock Exchange in the first half of 2018. Riry Syeried Jetta, Director of Subsidiary Management at Pelindo II, said the company is currently preparing all required actions for the corporate move including calculating the valuation of IKT.
Revenue of IKT was strong in 2017, exceeding IDR 200 billion (approx. USD $15 million). Besides financial management, the company's corporate management is also strong and therefore Syeried Jetta is positive about the IPO. IKT is expected to offer a 30 percent stake to the public. However, at this moment the management declines to mention the targeted amount of funds it wants to raise through the IPO.
IKT has three business lines: (1) stevedore (loading and unloading ships), (2) cargodore, and (3) receiving & delivering of cargo. The company, which operates in Jakarta's Tanjung Priok port (Indonesia's busiest port), is specialized in the transportation of vehicles, such as cars, trucks and heavy equipment.
Late last year another subsidiary of Pelindo II went public on the Indonesia Stock Exchange: maritime services company Jasa Armada Indonesia (also known as IPC Marine). Since its trading debut the company's shares have risen more than 10 percent.
Read more: IPO News Indonesia: Jasa Armada Indonesia Makes Trading Debut
A third subsidiary of Pelindo II, Pelabuhan Tanjung Priok (PTP), is scheduled to conduct an IPO in the second half of 2018. It is currently being studied whether the unit is indeed fit to list on the Indonesia Stock Exchange. In terms of revenue, this unit is much bigger than IKT, Syeried Jetta said.
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