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Saturday, December 26, 2009

Metropolitan IPO scheduled in October 2010

as published in Bisnis Indonesia daily newspaper
Wednesday, 23/12/2009 00:00 WIB
Metropolitan IPO scheduled in October 2010


JAKARTA: PT Metropolitan Land plans to have IPO worth IDR500 billion October next year or delayed from target of early June 2010 as the management still waits for conducive market.

"The decreasing condition of the last (capital market) has made us concern about the condition and the prediction is about October," said President Director of Metropolitan Land Nanda Widya yesterday.

Metropolitan Land is one of the property firms joining in the Ciputra Group.

Now the Ciputra Group has five go public firms, namely Ciputra Development, Ciputra Property, Ciputra Surya, Jaya Real Property, and Metropolitan Kencana.

"It is less than IDR1 trillion. We estimated so far it still remains at IDR500 billion."

As to Nanda, the company plans to allocate budget collected from the IPO to finance some new projects targeted by the company. But the company could not announce it yet due to the absence certainty.

There were three projects to develop by Metropolitan Land from IPO generated cash. One of them is medium lower classes housing in Cibitung. To materialize it, Metropolitan has acquired 114 hectare plots of land in the region to develop residence with IDR50 million in price.

Besides, Metropolitan also has plan to establish five apartment tower and shopping center.

Nanda said the company has either assigned state firm as the underwriter of the IPO.

An executive added the company appointed PT Danareksa Sekuritas in IPO implementation. They said the assignment has been done for a long time. "It seems there is no beauty contest in the underwriter appointment done by Metropolitan Land."

Director of Danareksa Sekuritas Marciano Herman was not available for comment yesterday.

Metropolitan Land has developed five non vertical residence projects such as Menteng Metropolitan, Puri Metropolitan, Permata Metropolitan, Taman Metropolitan, and Taman Cileungsi. (Bisnis/21)

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