Friday, 19 April 2019 | 10:14 WIB

Superkrane Mitra Utama (SKRN) Officially Lists Shares at IDX

PT Superkrane Mitra Utama Tbk (IDX:SKRN) officially listed, conducted IPO at IDX

JAKARTA, NNC - PT Superkrane Mitra Utama Tbk (IDX:SKRN) officially listed and conduct initial public offering (IPO) at the Indonesia Stock Exchange (IDX). Using the SKRN ticker symbol, the number of shares listed by Superkrane is 300,000,000 shares, equivalent to 20 percent of the total paid up and placed capital.

"This is a key milestone in Superkrane's journey to move as a public company that is accountable, transparent and responsible to all investors, the public and all stakeholders in running the business in the future," said Yafin Tandiono Tan, President Director of Superkrane, in Jakarta, Thursday (10/11/2018).

He also expressed his appreciation for the trust of more than 900 shareholders who have participated as investors in SKRN shares. The funds raised from the community through this IPO process will encourage the growth and development of the Superkrane business to improve in the future.

The company engaged in the crane rental business is eyeing contracts of USD100 million until 2021. The contract comes from various sectors, such as oil and gas, infrastructure, and mining.

"At present, we have secured USD40 million contracts from two oil and gas and mining companies. This number is targeted to continue to grow for the next three years and become a motor of revenue growth," said Tandiono

This year, he continued, Superkrane's revenue is targeted to reach IDR600 billion, up 25 percent from 2017's IDR480 billion. "Next year, the company targets revenues to grow 20 percent to IDR720 billion from the 2018 estimate," he said.

He explained this was driven by the strong demand for crane rental from the oil and gas sector, infrastructure, to mining. To that end, the company will allocate IDR66 billion in capital expenditure (capex) in 2017.

Eddy Gunawin, Superkrane's Corporate Secretary, said the company will try to maintain investor confidence and continue to improve the company's performance.

According to him, the company is committed to implementing the principles of Good Corporate Governance to safeguard all stakeholders' interests and continue to provide the best services and support sustainable government infrastructure projects as a means to achieve future growth and development in line with the direction of business development.

Meanwhile, fresh funds from the IPO will support crane rental business opportunities in line with the incessant government infrastructure projects and the preference of contractors to lease the company's cranes.