Bina Puri's Indonesian power unit debuts 70% higher on IDX

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JAKARTA (July 5): Construction and property development player Bina Puri Holdings Bhd saw its 80%-owned Indonesian power subsidiary PT Megapower Makmur Tbk opening 70% higher from its offer price on its Indonesia Stock Exchange (IDX) debut today.

PT Megapower debuted at 340 rupiah (about 11 sen), compared with its offer price of 200 rupiah (about 6 sen).

Bina Puri entered the power sector in 2007 through PT Megapower, which is involved in micro power generation, leasing and operating (including providing maintenance services) diesel engine generators and mini hydro power plants.

PT Megapower currently generates electricity at its 10-hectare dam in Makassar, Sulawesi for state-owned PT Perusahaan Listrik Negara (PLN).

Meanwhile, Bina Puri's share price declined 1.2% to 41.5 sen at 11.20am, valuing it at RM111.88 million.