JAKARTA. PT Sumber Mas Konstruksi Tbk (SMKM), a general construction company established in 1981, will put out 250 million shares or 19.95% of its entire issued and paid-up capital in an initial public offering (IPO) in Indonesia Stock Exchange (IDX).
All the new shares issued by SMKM are worth IDR 100 per share, as stated in the released IPO prospectus. Each new share will be offered for IDR 150-350 per share, thus potentially earning the proceeds of IDR 87.5 billion at most.
Then, approximately 97% of SMKM’s IPO proceeds will be allocated to the operational expenditure. It includes the working capital needed for future construction projects. Then, the remaining 3% will be used to fund research and develop the ability and quality of the company’s workforce.
SMKM has appointed PT Erdhika Elit Sekuritas as the underwriter. The public offering period will take place from February 24 to 25, 2022, and March 1 to 2, 2022. Meanwhile, the electronic distribution of shares will follow on March 4, 2022, before the listing on IDX is finally scheduled for March 7, 2022.
For the record, until September 2, 2021, 70% of SMKM is under the control of PT Vina Nauli Jordania. Then, another 15% belonged to PT Umaty Global Finance, followed by 10% of PT Zareen Capital Nusantara and 5% of Intan Magdalena. (KR/ZH)