JAKARTA - PT Menteng Heritage Realty Tbk (HRME) is now officially listed on the Indonesia Stock Exchange (IDX). Through the initial public offering (IPO) scheme (12/4), Menteng Heritage was able to obtain Rp 125.13 billion.
For information, Menteng Heritage released 1.19 billion shares, equivalent to 20% of the total issued and paid-up capital. Going forward, the funds from the IPO will be used to acquire two companies and as working capital.
"We will use it to buy shipping companies, hospitality companies, increase capital in our subsidiaries, also for working capital," said Christofer Wibisono, Managing Director of Menteng Heritage Realty, as quoted from Kontan.
51.89% of the IPO funds will be used to acquire a shipping company, PT Global Samudra Nusantara. Then as much as 26.79% will be used to acquire a hospitality company, PT Wijaya Wisesa Bakti. While 20.93% of the IPO funds will be used to increase the working capital of its subsidiary, PT Wijaya Wisesa Development and the remaining 0.39% will be used as the company's working capital, maintenance, renovation, and improving the quality of hotel buildings. (LM)