Dec 17, 2010

Megapolitan unveils 25.37% stake IPO

PT Cosmopolitan Persada Developments aims to dispose 850 million shares or 25.37% stake in property company PT Megapolitan Developments Tbk via initial public offering (IPO) in January 2011.
PT Henan Putihrai has been mandated as underwriter for the IPO, the IPO prospectus published today said.
About 60% of the IPO proceed will be used to develop projects of the company's subsidiary such as appartment project in Puri Cinere Depok of 36% and the remaining is intended to support townhose of Cimandala City projecy, Sentul.
About 40% of the proceed will be utilized to develop housing and commercial buildings such as office, infrastructure, and working capital.
As of June 2010, Megapolitan posted IDR77.41 billion revenue, less than 50% of 2009's revenue of IDR173.84 billion.
Operating income reached IDR22.99 billion, nearly half of 2009's position at IDR46.80 billion.
Megapolitan booked IDR12.49 billion net income, more than half of last year's level at IDR23.83 billion.
As seen on Megapolitan website, the company manages several projects such as The Bellagio Residence, Mega Kuningan, Aston Urbana Apartment, Cimandala Apartment, Mall Cinere, Graha Cinere, Bukit Griya Cinere, and others.
Who is Cosmolitan Developments?Cosmopolitan is controlled by four siblings of Barak Rimba family. Lora Melani Lowes Barak Rimba and Sudjono Barak Rimba control 32.18% and 31.32% stakes respectively in Cosmopolitan, while Barbara Angela Barak Rimba and Jennifer Barak Rimba hold 18.25% and 18.25% stakes respectively.

Disclosure: No position at the stock mentioned above.

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