PP Properti, the property unit of state-controlled construction firm PP, estimates its marketing sales, or sales of property that has yet to be built, to have reached Rp 2.33 trillion ($127.5 million) in the January-September period this year. (ID Photo/David Gita Roza)

State-Owned Builder Pembangunan Perumahan Eyes $185m From Subsidiary's IPO


OCTOBER 04, 2017

Jakarta. State-owned construction firm Pembangunan Perumahan expects its property developer unit, PP Presisi, to raise around Rp 2.5 trillion ($185 million) from an initial public offering this year, a top executive said.

This amount has been revised from the previous target of Rp 3 trillion because "the stock market is on the downtrend," Pembangunan Perumahan president director Tumiyana told reporters on Wednesday (04/10). He added that bookbuilding is expected to start later this month.

Pembangunan Perumahan's two other units, low-cost-housing developer PP Urban and power-plant builder PP Energy, will also tap the capital market in 2018, Tumiyana said.