Officially Listed On The Exchange, KING Incar Fund Cleaning Service Company IDR 230 Billion

Share illustration (Photo: Doc. Antara)

JAKARTA - PT Hoffmen Cleanindo Tbk (King) has officially taken the floor on the Indonesia stock exchange. From the Initial Public Offering (IPO), the Company targets revenues to reach IDR 222 billion to IDR 230 billion.

"Our target is to automatically enter the stock exchange, there is a fairly decent additional capital, so our revenue target will increase above Rp230 billion," said KING President Director Rudy Japarto quoting Antara, Jakarta, Thursday, February 16.

His party explained that the company, which raised IPO proceeds from IDR 67.6 billion, is engaged in the Cleaning Service, Security, Washroom Hygiene, Manpower and Parking Supply business lines.

"We have five business units that are very competitive to enter the office tower, apartment, especially later there will be the capital city of the archipelago (IKN), the prospects are quite large," said Rudy.

From these five business lines, his party will focus on labour supply and washroom hygiene in 2023.

"We haven't entered the labour supply market share yet, we are heading to the factory now. Workers are once a request for a figure of thousands," said Rudy.

He explained that the transfer of the capital city to the State Capital (IKN) in East Kalimantan and the government's program to invite foreign companies to open factories in Indonesia would encourage large employment.

Thus, according to him, this will have an impact on the company's business development.

"Hoffmen can provide needs from within to outside the building, ranging from cleaning services, washroom hygiene completeness, to parking completeness run by the company's children, as well as labor supply for outsourced needs", said Rudy.

On this occasion, his party revealed that around 83 percent of the proceeds from the IPO will be used to pay non-permanent employee salaries which are components of the company's cost of revenue.

Then, about 12 percent will be used to purchase supporting equipment, and 5 percent for capital deposits in subsidiaries.

In addition, 2 percent for the payment of non-permanent employee salaries which is a component of PT Hoffmen Parkindo's cost of revenue for his work contract, and 3 percent for the purchase of supply equipment.