Hutama Karya to go public in 2011

JAKARTA: PT Hutama Karya (HK) plans to raise fund through initial public offering (IPO) in 2011. The corporate action is aimed to enhance its businesss capacity following a higher forecast for construction business.President Director of Hutama Karya S. Subagyono confirmed that the corporate action is supposed to meet funding needs in line with soaring project implementation contracts at IDR9 trillion-IDR10 trillion in 2011.We expect to complete all procedures soon and secure the license by the end of the year to help us realize the IPO in 2011, he said today.In addition, as Subagyono added, in the next year, the company targets to sell its construction service at IDR4.5 trillion which is the remaining of this year's project value. New projects in the pipeline reach IDR6 trillion.Then, Finance Director of Hutama Karya Suparman stated that now the state-owned contractor is calculating its asset value and total needs to boost business capacity to determine the percentage of shares to be released to public.(T01/NOM)