ASDP Indonesia Ferry State-Owned Shipping Wants IPO, Eyeing To Raise IDR 3 Trillion In Funds

JAKARTA - The state-owned shipping company, PT ASDP Indonesia Ferry (Persero) plans to be listed on the Indonesia Stock Exchange (IDX) with an initial public offering (IPO) scheme. The company targets to get Rp 3 trillion in funds from this action.

President Director of PT ASDP Indonesia Ferry Ira Puspadewi said the proceeds from the IPO would later be used to develop ferry service infrastructure.

"We need funds of around Rp. 6 trillion to develop infrastructure as well as company services, and it is hoped that half of these funds can be obtained through an IPO," Ira said in his virtual presentation to reporters, Thursday, July 22.

Furthermore, said Ira, in the IPO process, his party has also collected information from consultants who are claimed to be world class for the smooth operation of this BUMN corporate action.

Meanwhile, ASDP's Director of IT Finance and Risk Management, Djunia Satriawan added, the ASDP IPO plan is in line with the five priorities of the Ministry of SOEs, namely providing economic and social value for Indonesia, innovating business models, technology leadership, increasing investment and developing talent so that as a BUMN able to compete independently.

The recovery condition during this recession, he said, is a momentum that ASDP can take advantage of to invest in business development. This is based on the experience during the 2008 recession in which companies that can take advantage of the recovery momentum can become champions in the industry.

"Therefore, the IPO plan in 2022 is a further step for ASDP to become one of the winners in the business industry in Indonesia," he said.

Through the IPO, continued Djunia, ASDP is projected to achieve sustainable business growth. This is indicated by ASDP's projected revenue of Rp5 trillion in 2024, net profit of Rp607 billion, asset value of Rp13.6 trillion and equity of Rp12.4 trillion in 2024.

The investment plan for ASDP and its subsidiaries reaches Rp6.5 trillion, which is projected to be funded mostly by public funds through IPOs and the issuance of other financial instruments.