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Sinarmas Land is understood to have restarted its plan for the US$300 million (S$410.85 million) listing of its unit PT Puradelta Lestari after shares of industrial property companies in Indonesia rallied recently, according to sources with knowledge about the matter.
The industrial property division, which is partly-owned by Japanese trading firm Sojitz Corporation, could proceed with its initial public offering (IPO) in 2015, said sources who refused to be named.
Back in August 2013, its listing on the Indonesian Stock Exchange was postponed due to weak market conditions, insiders said.
Notably, PT Puradelta Lestari is the developer of Cikarang’s Kota Delta Mas project. Located 37 kilometres east of Jakarta, the 3,000ha development consists of industrial, residential and commercial facilities.
Commenting on the report, Ishak Chandra, Sinarmas Land’s Managing Director for corporate strategy and service, said: “We are still looking for a good time, so I don’t want to comment on the IPO.”
In a filing with the Singapore Exchange (SGX), the company confirmed that it is indeed exploring to list PT Puradelta Lestari.
“The group has been engaged in discussions with a view to re-launch the proposed IPO, and is reviewing the current market conditions to decide on the next steps,” it said in a statement.
However, Sinarmas Land has not yet submitted any official documents for the listing to Otoritas Jasa Keuangan, or Indonesia’s financial watchdog.
The Indonesian developer is also part of the unlisted Sinar Mas Group, which was founded Eka Tjipta Widjaja, who is Indonesia’s fourth-richest person with a net worth of US$6 billion (S$8.22 billion) based on Bloomberg’s billionaires Index.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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