Multikarya Asia Pacific Raya Targets Revenue To Increase By 50 Percent From 2023

Photo: Aris Nurjani/VOI

JAKARTA - PT Multikarya Asia Pacific Raya Tbk (MKAP) officially took the floor on the Indonesia Stock Exchange (IDX), Monday, February 12, 2024. In the first trade, MKAP shares rose 34.78 percent to a price position of IDR 155 per share at 09.10 WIB.

MKAP President Director Eric Handoko hopes that in the future the revenue growth performance will grow by around 50 percent compared to revenue in 2023.

"The target growth, what I said may not be the same as the prospectus. I expect 50 percent turnover growth compared to 2023," he explained, Monday, February 12, 2024.

Eric said that by becoming a listed company, the company will indirectly be able to improve the function of Good Corporate Governance (GCG) so as to increase management professionalism and transparency.

"The company's performance has so far been running to record positive revenue growth, IPO proceeds will be used for the Company," said Eric.

Eric said that this IPO is the beginning for companies to continue to develop in the future and will be more transparent and improve better governance.

In addition, Eric added that the company will continue to increase the number of customers already owned by looking upstream oil and gas and other EBT industries.

MKAP released a maximum of 650 million shares or 20 percent of the total issued and paid-up capital after the IPO and set an offering price of IDR 115 per share. As a result, MKAP received fresh funds of IDR 74.75 billion.

Meanwhile, all of the funds obtained by MKAP from the initial public offering will be used for working capital, such as operational costs, payments to suppliers, repair of heavy equipment owned such as machinery, pumps, and transmission.

In addition, MKAP has also approved the plan for an employee stock allocation (ESA) program of 0.26 percent of the total shares offered in the IPO or 1.73 million shares.

For information, MKAP is a company engaged in manufacturing, trade services, rental, repair, oil and gas & mining industry pump parts. Since 2018, MKAP has obtained contracts for the provision of products or services for oil and gas projects such as PT Pertamina EP, Chevron, Freeport McMoran, Grassberg, and PT Bukit Asam Tbk (PTBA).

MKAP already has several workshops located in Jakarta, South Sumatra, and West Java. Even the MKAP workshop located in Lembak, South Sumatra is able to support the large population of gas engines or generators for the Sumatra area with more than 40 units.