State-owned property developer Perum Perumnas plans to sell stakes to public investor to snap up Rp1 trillion cash during initial public offering scheduled in the first half of 2011.
Perum Perumnas Chief Executive Officer Arief Sugoto told Insider Stories that the company expects to sell 50,000 units of housing in 2013. The company enables to post annual sales of 20,000 units.
"We need more funds to achieve the target. That is why we plan to go IPO. We are waiting for the government approval to change the company's status from perum to limited," he said.
Perumnas estimates that the company to post Rp32 billion net profit this year from Rp100 billion net loss in the previous year. Sales is expected to rise from Rp1 trillion to Rp1.5 trillion.
Disclosure: No position at the stock mentioned above.
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