JAKARTA - PT Kencana Energi Lestari is preparing for its stock market debut at the Indonesia Stock Exchange (BEI) next month. The plan, Kencana Energi will release 977.68 million shares or 25% of the issued and fully paid capital.
Along with the IPO, the company also held an employee share allocation program of 2% or around 19.55 million. The bookbuilding stage will be held on 17-30 July 2019. The public offering period is expected to take place on 9-14 August and the listing on IDX is on 20 August.
Kencana Energi will use 55% of IPO funds for business development in the fields of hydroelectric power and renewable energy in Sumatra and South Sulawesi. Then, 25% will be used for working capital of PT Bangun Tirta Lestari. While the remaining 20% will be used to capex PT Nagata Dynamics Hidro Madong related to the Madong project. (LM)