Conglomerate Bakrie Family’s Company Will Deliver Its Subsidiary Engaged In Electric Vehicle Business IPO At The End Of 2022

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JAKARTA - PT Bakrie & Brothers Tbk (BNBR) is preparing a plan, which is to send their subsidiary, PT VKTR Mobilitas Technology (VKTR) to be listed on the Indonesia Stock Exchange (IDX) through an initial public offering (IPO) scheme.

The President Director and CEO of Bakrie & Brothers, Anindya Bakrie said, the action was also a pivotal step for the company to become a sustainable business, which was marked by the development of the electric vehicle industry.

"God willing, we will be able to carry out the IPO of VKTR at the end of 2022. With this step, it is hoped that the VKTR valuation can grow rapidly and the development potential of this company will be wider open," said Anin in his official statement, quoted on Friday, July 22.

The son of Aburizal Bakrie added that through this VKTR, the company is increasingly focusing on transportation electrification projects by developing electric buses for public transportation.

In early 2022, 30 units of electric buses from BYD-VKTR have been operating in Jakarta as part of the Trans Jakarta operational fleet. Anin added that at this time VKTR was promoting cooperation with many parties, as one of the company's strategies to build a complete and strong electrification industry ecosystem from upstream to downstream.

"In addition to BYD Auto and local body company Tri Sakti, through VKTR, we have invested and collaborated with retrofit and heavy mobility technology company from the UK Equipmake and environmentally friendly battery manufacturer BritishVolt, also from the UK," explained Anin.

On the other hand, VKTR has also recently signed agreements with several companies supplying battery raw materials, including regional companies.