Apr 19, 2011

Metropolitan Land sets 30% stake IPO

Property developer under Metropolitan Group, PT Metropolitan Land Tbk (Metland), is planning to sell 2.27 billion shares, representing 30% of its enlarged capital, during initial public offering (IPO) in May 13.
In the IPO prospectus published today, the IPO is consisting of 1.89 billion of new shares issuance and divestment of 378.97 million shares from Metland existing shareholder Netstar Holdings Limited, a British Virgin Island-based company, which currently owns 19.76% stake.
Metland has picked PT Mandiri Sekuritas and PT DBS Vickers Securities Indonesia as the IPO's lead underwriters.
In parallel with the IPO, Metland is keen to issue 37.89 million or 2% of the IPO size as employee stock alloaction and 1% stake for management stock option plan.
Metland plans to use 48.5% of the IPO proceed to develop Metropolitan Grand Mall, 5.25% to establish M-Gold Residence, and 13% to develop Hotel Horison Bekasi Ekstension. The remaining proceed will be used as an equity injection into PT Sumbersentosa Guna Lestari to develop Hotel Horison Jakarta/
Metland is an affiliated company of giant property player in Indonesia, Ciputra Group, which is owned by Indonesian tycoon Ciputra.
Initially, Metropolitan Group was founded by Ciputra together with Sudono Salim (Liem Soe Liong) as owner of Salim Group, Indika Group's Sudwikatmono, Djuhar Sutanto and Risjad's Group Ibrahim Risjad.
Post the IPO, Metland  will be 37.50% controlled by Reco Newtown Pte Ltd, PT Metropolitan Persada Internasional with 22.68% stake, and Netstar Holdings Limited holds 9.82%, and public shareholders own 30%.
At end of last year, Metland posted a 30.17% increase in net income to Rp69.07 billion from Rp53.06 billion.
Operating income rose 12.24% to Rp104.05 billion from Rp92.70 billion. Operating revenue slightly increased 4.35% to Rp331.38 billion from Rp317.58 billion.

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: