JAKARTA - PT Adhi Karya (Persero) Tbk (ADHI) is currently monitoring market conditions to prepare for the initial public offering (IPO) of one of its subsidiaries, PT Adhi Commuter Properti (ACP).
Adhi Karya Finance Director Entus Asnawi Muchson said that the company is still preparing the corporate action and monitoring market conditions up until the fourth quarter of 2019.
“Market conditions are particularly crucial because they are directly related to the IPO value. Our proceed target is between Rp 2 trillion and Rp 2,5 trillion,” Mr Muchson told Bisnis.com, Tuesday (11/6).
Adhi Karya spun-off ACP in May 2018. At that time, the company targeted ACP’s IPO to be launched within a year after the spin-off.
Previously, Adhi Karya’s management said it would develop 10 transit-oriented development (TOD) projects through ACP in the next 12 years. All projects are estimated to have a capitalisation value of Rp 59 trillion. (MS)