Bina Puri's Indonesia unit debuts at 70% premium, continues to gain ground

JAKARTA: Bina Puri Holdings Bhd's Indonesian subsidiary PT Megapower Makmur (MPOW) debuted on the Indonesian stock exchange (IDX) Bursa Efek Indonesia at a 70% premium, on the first day of trading yesterday.
It continued to gain ground today, trading at a 24% premium to its RP 340 (11 sen) a share seen on Wednesday.
"We are proud to be the first non-government link company from Malaysia successfully listed on IDX and the second (2nd) independent electricity power producer listed here, "PT Megapower Makmur Director Datuk Matthew Tee, who is also the Group Executive Director of Bina Puri Holdings Bhd (BPHB) said in a statement issued today.
PT Megapower Makmur listed 245 million shares (30 percent) under the code MPOW, with an offer price of Rp 200 per share.
The company earned Rp 49 billion, half of which will be used to pay off the company's debt to shareholders and the other half for further development of the company.
"This year, we are preparing one or two licenses and a study on a minihydro plant in South Sulawesi with an approximate capacity of 10 megawatts. Hopefully within three to six months, we can get the real estimate, Currently MPOW is operating eight diesel power plants with capacity of 54 megawatts at eight locations throughout Indonesia and a minihydro plant at Sulawesi Selatan," Tee said .
"With the additional capacity of 4.2 megawatts mini hydro plant that was in operation since last year to our eight diesel power plants, our total output can reach approximately 59 megawatts," he told reporters after the listing ceremony.
MPOW, established in 2007, operates hydroelectricity and diesel plants in Indonesia. It started commercial operation in 2010, when it obtained contract from Indonesia state-owned electricity company, Perusahaan Listrik Negara, PLN in Pulau Bangka Belitung, Indonesia. After the listing, BPHB through Bina Puri Power Sdn Bhd owns 56% of MPOW.