Wika Aims to Raise Rp 6t in October Rights Issue
Jakarta. State-controlled construction company Wijaya Karya has set a price range of Rp 1,525 to Rp 2,505 per share for its rights issue next month, whose proceeds will be used to fund more infrastructure projects.
At the higher price range, the company would likely raise as much as Rp 6.1 trillion, Bintang Perbowo, the company's president director, said.
Wijaya Karya, commonly known as Wika, said they will use proceeds from the issuance to fund the Soreang-Pasir Koja, Manado-Bitung and Balikpapan-Samarinda toll road development, a 2,000-megawatt power plant in Banten, a 400-megawatt power plant in Aceh, a water treatment plant at the Jatiluhur dam in West Java and the Kuala Tanjung Industrial Complex.
Wika shares opened 3.6 percent lower on Friday to trade at Rp 2,630 a piece at the IDX — the Indonesia Stock Exchange, trailing the benchmark index that was also down by 0.2 percent.
Other state construction companies also plan rights issues this year, including Pembangunan Perumahan and Jasa Marga. They are set to raise Rp 4.4 trillion and Rp 1.8 trillion respectively.
Tags: Keywords: