Feb 28, 2011

ABM Investama eyeing IPO in October

Indonesia Stock Exchange (IDX) now has two listed companies of heavy equipment distributor, PT United Tractors Tbk (UNTR) with its stellar brand Komatsu and PT Hexindo Adi Perkasa Tbk (HEXA) with Hitachi.
An affiliated company of authorized dealer of famed brand in the market of heavy equipment, Caterpillar, is now trying to tap the money via initial public offering (IPO).
A source close to the deal said PT ABM Investama, a sub-holding company of PT Tiara Marga Trakindo (TMT Group), is considering to hold IPO in October or November this year.
"ABM Investama is considering the IPO. It may mandate Macquarie Securities and Mandiri Sekuritas. The IPO size and volume have not been decided yet," the source said.
Adding to that, it also depends on the market situation. TMP Group, a parent company of PT Trakindo Utama, is founded on August 16 2000. Up to now, about 14 companies are under control of TMT Group.
Trakindo Utama, an authorized dealer for Caterpillar heavy equipment products in Indonesia, was established in 1970 by A.H.K Hamami. The company was mandated as the authorized dealer for Caterpillar in 1971 and manages more than 60 branches throughout the country from Sumatra and Papua.
There are three sub-holding companies under TMT Group, Trakindo, PT ABM Investama, and PT TMT.
Under ABM Investama, there are six companies with main businesses in mining and energy. They are PT Cipta Kridatama, a mining contractor, PT Cipta Krida Bahari (CKB Logistics), a logistic company, PT Alfa Trans Raya, a shipping company and also subsidiary of CKB Logistics, PT Sumberdaya Sewatama, a genset rental company, PT Sanggar Sarana Baja, a steel maker, and PT Tunas Inti Abadi, a mining company.
PT TMT controls six companies such as PT Chakra Jawara, a Iveco truck dealer, PT Chitra Paratama, a dealer of Michelin tire for truck and heavy equipments, PT Tri Swardana Utama, a dealer of Mercedes Benz truck, PT Mitra Solusi Telematika, an IT company, and PT Chandra Sakti Utama Leasing.

Note: The story above has been privately published at The Insider Stories on February 6 2011.

Disclosure: No position at the stock mentioned above. 

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