<article>Malaysia’s Bina Puri Holdings’ Indonesian subsidiary, Megapower Makmur, on Wednesday officially listed on the <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Indonesian+Stock+Exchange+" target="_blank" rel="noopener noreferrer">Indonesian Stock Exchange (IDX)</a>, raising Rp 49 billion ($3.68 million) in its maiden offering.</article>

Malaysia’s Bina Puri Holdings’ Indonesian subsidiary, Megapower Makmur, on Wednesday officially listed on the <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Indonesian+Stock+Exchange+" target="_blank" rel="noopener noreferrer">Indonesian Stock Exchange (IDX)</a>, raising Rp 49 billion ($3.68 million) in its maiden offering.
The shares opened at Rp 340 or 70 per cent above its offer price of Rp 200. At market close, the stock remained at Rp 340, valuing the company at Rp 277 trillion.
Megapower’s business involves power distribution, power installation and maintenance services.
Megapower is 80 per cent-owned by Malaysia-listed Bina Puri, whose activities include investment holdings, civil and building engineering management, property development, highway concession, quarry operations, manufacturing of construction materials, utilities and hospitality management.
Apart from Indonesia, the group has presence in Thailand, Brunei, Pakistan, India, China, UAE, Saudi Arabia, Russia, and Nepal.
Through Megapower, Bina Puri is looking at two new hydropower plant projects in Sulawesi. Studies and research are ongoing, and they will now move on to the design and planning stage, Megapower CEO Kang Jimmi told reporters in Jakarta.
“Once done, we will submit the plan to PLN for approval before passing the necessary documents to the energy ministry and going back to PLN to sign the contract,” he said, as quoted by TheEdgeMarkets.
Megapower had previously planned for a listing August last year. But, the proposal was shelved as the company needed to “reconcile certain accounting transactions”, due to differing policies between Malaysia and Indonesia.
Today, Megapower owns and operates a hydropower facility in Sulawesi for Perusahaan Listrik Negara (PLN), the state electricity distributor. It also has eight diesel power plants spread across the country with a combined capacity of 54 MW.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-ipo-ayana-land-to-raise-22-4m-integra-indocabinet-aims-for-63-5m-73756/" target="_blank" rel="noopener noreferrer">Indonesia IPO: Ayana Land to raise $22.4m, Integra Indocabinet aims for $63.5m</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-targets-30-ipos-in-2017-after-sluggish-year-60116/" target="_blank" rel="noopener noreferrer">Indonesia: IDX targets 30 IPOs in 2017 after sluggish year</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/monday-indonesian-stock-exchange-sets-up-startup-incubator-opens-registration-today-63779/" target="_blank" rel="noopener noreferrer">Indonesian stock exchange sets up startup incubator, opens registration today</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-local-football-clubs-express-interest-to-go-public-67166/" target="_blank" rel="noopener noreferrer">Two Indonesian football clubs eye capital markets to raise funds</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-govt-spending-tech-incubation-76620/" target="_blank" rel="noopener noreferrer">Indonesia: Govt nearly doubles spending on tech startup incubation to $27.6m</a>

Bina Puri’s Megapower unit debuts on Indonesia bourse

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Bina Puri’s Megapower unit debuts on Indonesia bourse

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief