IPO schedule of Megapolitan suspended

Thursday, 25/02/2010 00:00 WIB

IPO schedule of Megapolitan suspended

Irvin Avriano A.

for Bisnis Indonesia

JAKARTA: PT Megapolitan Developments Tbk suspended the schedule of IDR400 billion IPO due to the falling Jakarta Composite Index and many days off early February.

President Director of PT Mark Asia Strategic Gun-tur Pasaribu, who is the financial advisor of the company, said the emitter candidate had formerly used August finance statement which set the latest registration of statement by end of February.

"However, due to the stock index condition and many days off, the company will propose another IPO registration based on the finance report December 2009 and thus it is up through June at the latest," said Guntur to press at Bapepam-LK building yesterday.

Referring to Bapepam regulation No.IX.A.2 on IPO registration procedure, the capital market authority to limit the finance report which serves as the registration basis for the six months period at maximum.

Now the emitter candidate still waits for December finance report audit. After audit completion, the company submits the document here to Bapepam-LK again. "So our IPO process is predicted in May."

The company plans to use IPO fund to build luxurious shopping center in Bogor.

The major property developer in Cinere here has so far owned assets in Karawaci.

The property sector stocks have so far been quite lucrative upon noting that the government intends to expand overseas investment chance and infrastructure project acceleration.

That will imply that the impact will not affect only property industry but also bank and manufacture sectors such as cement, steel, and other property equipment.

Corporate secretary of Megapolitan Group Lisia Wijaya formerly said the company aimed to get IDR400 billion funds from IPO which should have been done in semester I/2010. (Bisnis/iaa)