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Pelindo ro-ro port unit to raise $72m from IPO

The vehicle port handling unit of Indonesian state-owned port operator Pelindo II, Indonesia Kendaraan Terminal (IKT), is planning a listing aiming to raise at least IDR1trn ($71.5m) mainly for capital expenditure and to pay for long-term land leases.

The company was quoted as saying in local reports that it would offer 561.1m shares to investors, or 30% of its stock holdings. Of this, 10% would be offered to strategic investors such large port operators in Southeast Asian countries such as Thailand and Malaysia. Singapore was not mentioned. PSA International already has a joint venture with Pelindo II, Mitsui and NYK Line to operate the New Priok Container Terminal One in Jakarta.

"We are seeking strategic partnerships with the biggest port operators in ASEAN (countries) by offering our shares," President director Chiefy Adi Kusmargono was quoted as saying in local media.

He added that 50% of the proceeds would be used for capital expenditure, 25% for long-term land lease and the remaining 25% for working capital.

"We plan to build an elevated parking garage and develop car terminals in Sumatra, Java and Kalimantan," Chiefly said.

Read More: Indonesia's Patimban Port on track to start operations by 2019

IKT currently mainly operates at Tanjung Priok. A new port is being planned at Patimban that will be close to Japanese automotive plants and is expected to serve their needs.

Chiefy said he expected the company’s 2018 revenue to grow 70% to IDR717.6bn. "We have an additional volume of between 170,000 and 220,000 units per year from the new port operated by Pelabuhan Tanjung Priok [PTP] this year so the revenue can increase significantly," he said.

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