PT Urban Jakarta Propertindo Tbk offered 600 million shares or equal to 16,85 percent of the total capital issued and paid-up in full after the Initial Public Offering (IPO). The prospective issuer priced its IPO at the range of IDR 1,000-IDR 1.250 per share.
Director of Business Development also Corporate Secretary of Urban Jakarta Tri Rachman Batara said, his part will also issue new shares for the conversion pursuant to convertible loan agreement dated 22 November 2017 up to 400 million shares or equal to 11, 23 percent.
“The total number of the new shares is 1 billion or equal to 28, 08 percent of the total capital issued and paid-up in full,” he said at the Ballroom I Ritz Carlton Pacific Place, Jakarta, Monday (12/11).
The developer of Transit Oriented Development (TOD) residence, at the listing with BEI, will also issue up to 840 million Series I warrant accompanying the new shares of the Company offered to the public. The exercise period of warrant will start from 12 June 2019 until 10 December 2021. The issuance of new shares for the conversion will not be accompanied by the issuance of warrant.
“For this corporate action, the company appointed PT RHB Sekuritas Indonesia and PT Sinarmas Sekuritas as the Joint Lead Underwriters or JLU),” he said. Further, he mentioned, the period of book building will be on 9 – 19 November 2018, with an estimate effective date on 30 November 2018. Public offering will be on 4-6 December 2018 and initial listing with Indonesian Stock Exchange (BEI) is targeted on 12 December 2018.
“The company is planning to allocate about 50 percent IPO proceeds for land acquisition in Jabodetabek areas, 30 percent for capital expenditure and development, including 20 percent for working capital of the company,” he said. Current Assets of the Company in semester I 2018 increased in the amount of IDR 17, 3 billion or in the amount of 1,69 percent compared with the previous semester. “This is mainly contributed by the increase in real estate assets in the amount of IDR 162,31 billion or 43,09 percent in line with the development of projects of the company,” he said.
The revenue of Urban Jakarta semester I 2018 was IDR 52, 4 billion, an increase of 44,00 percent compared with the revenue in 2017. This increase was contributed by the selling made by the Company of apartment Lot 1 in Gateway Park project in semester I 2018, where in 2017 Company sold the Store House in Gateway Park project. The margin net profit of Company in semester I 2018 was 33,72 percent, an increase compared with the previous semester, namely 28,36 percent. “This was contributed by the increased net profit of Company derived from the increased revenue the company. Currently, Urban Jakarta is developing four projects with TOD concept situated at Jabodetabek LRT network lines,” he said. Total value of the four projects are IDR 10, 2 trillion for about five years and two of them are undertaken by Joint Operation (KSO) with PT Adhi Commuter property (d/h PT Adhi Karya Tbk – Divisi TOD) Gateway Park (IDR 3, 7 trillion) and Urban Signature (IDR 3, 77 trillion). While the two other projects Urban Sky (IDR 1, 41 trillion) and Urban Suites (IDR 1, 58 trillion) are solely developed by Urban Jakarta.