Jakarta. State-owned construction firm Wijaya Karya said Thursday that it would raise Rp 3 trillion ($267 million) to fund expansion plans through a rights issuance next year.
Commonly known as Wika, the company said it would increase its public shares ownership to 45 percent from 34.85 percent. Meanwhile, the portion of government-owned shares — currently at 65.15 percent — would be reduced to 55 percent.
Wika president director Bintang Perbowo said the rights issuance was scheduled for the second half of 2015, following the initial public offering of Wika subsidiary Wika Realty.
“If Wika Realty’s IPO is satisfactory and the market is supportive, Wika will take advantage of that golden momentum for a rights issue offering,” said Bintang. Read More