JAKARTA. PT Minahasa Membangun Hebat Tbk (HBAT), a real estate and property developer recently listed on Indonesia Stock Exchange (IDX), has allocated IDR 2.54 billion of the proceeds of the initial public offering (IPO) for club house construction project.

This project is equal to 45.36% of the total proceeds of HBAT’s IPO. For the record, the proceeds gained in the IPO reached IDR 26 billion.

This project is initiated in Sawangan Permai Housing in Depok, West Java. The contractor assigned to arrange this project is CV Bangun Cipta Minahasa.

Go Ronny Nugroho, President Director of HBAT, admitted that the appointed contractor is an affiliate of the company due to shared management with Bangun Cipta Minahasa.

According to IDNFinancials data, HBAT began to be listed on IDX on August 7, 2023. In this IPO, HBAT issued 240.74 million shares with an offering price of IDR 108 per share. (KR/ZH)