Wijaya Karya's Unit Sets Up New Company

Indonesia Finance

Wednesday, 23 June 2010 09:57

State construction firm PT Wijaya Karya said its unit PT Wijaya Karya Intrade (WIKA Intrade) had on June 18 given approval for setting up new company, named as PT Wijaya Karya Intrade Energy (WIKA Intrade Energy).

The new company has authorized capital of Rp 20.68 billion and paid-up capital of Rp 5.17 billion.

WIKA Intrade will hold a 99 percent stake in the company.

Natal Argawan Pardede, Wijaya Karya's corporate secretary, said in statement to the Indonesian Stock Exchange on Tuesday that the foundation of WIKA Intrade Energy aims to develop energy conversion business and to have a strong competitiveness both in domestic and international markets through conducting the industry and trade business, especially for the renewable energy.

Wijaya Karya has four business pillars; construction division and three units, PT WIKA Beton, WIKA Intrade and WIKA Realty.

Bintang Perbowo, Wika's president director, earlier said the company has cash surplus of Rp 997 trillion currently, which is used to fund the first stage of investment this year.

He said Wika has allocated capital expenditure of Rp 413 billion for this year, of which Rp 294 billion for business development and Rp 118.6 billion for asset purchase.

Ganda Kusuma, Wika's finance director, said the company will maintain this earning through efficiency program and focuses on prospect projects, mainly government and state-owned enterprises' projects.

He said the company targets to book revenue of Rp 8.1 trillion this year, with order book targeting for Rp 1.5 trillion.

Bambang Legowo, Wika Beton's marketing director, also said Wika Beton will maintain earning this year on the back of growing demand from power plant projects along with the government's existing 10,000 megawatt electricity projects.

Wika Beton contributes around 30 percent to total Wika's earnings. It booked net profit of Rp 82 billion last year on sales of Rp 1.4 trillion.

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