Koka Indonesia Wins 6 New Contracts Worth IDR 200 Billion Until The End Of 2023

Director of Finance of Koka (KOKA) Indonesia Michael Albert (center). Photo: Theresia Agatha/VOI

JAKARTA - PT Koka Indonesia Tbk (KOKA) has pocketed 6 new contracts with an estimated value of more than Rp200 billion, until the end of 2023. The contract achievement is dominated by mining infrastructure.

"The estimated contract value is more than Rp. 200 billion," Michael said at a press conference in Jakarta, on Thursday, September 21.

He said the company always worked on contracts that were in accordance with the company's capacity, so that the 6 project contracts that had been obtained were in accordance with the company's capabilities until the end of this year.

With the contract achievement, Michael is optimistic that the company will be able to record revenue growth from last year. "Our revenue is targeted to increase by 40 percent and net profit is greater than that," said Michael.

Michael assessed that this optimism was also supported by the activeness of the Indonesian government in terms of mining development, especially nickel. On the other hand, after the COVID-19 pandemic, the Indonesian government also continues to boost investment in Indonesia.

"That way, we are very positive, the increase in the company's profit can continue to grow," he said.

In order for this intention to be achieved, the company plans to become an open company by offering as many as 715,333,000 shares or about 25 percent of the issued and fully paid capital after the public offering, which is offered with a price range of between IDR 128-IDR 161 per share.

In this action, the company has appointed PT UOB Kay Hian securities as the underwriter for the issuance of securities.

Currently, the IPO plan has entered its initial offering/bookbuilding period which will end on September 26, 2023. Effective statements from the Financial Services Authority (OJK) are expected to be obtained on September 29, 2023, so that the public offering period can take place on October 3-9, 2023.

If the entire process runs smoothly, it is estimated that the Company's initial listing of shares on the IDX can be carried out on October 11, 2023.

The results of the fresh funds to be obtained are used for the purchase of heavy equipment and also the company's working capital. With details of around 13.55 percent for capital expenditures including the procurement of new heavy equipment and around 86.45 percent will be used for working capital.

For your information, Koka Indonesia is a contractor company with significant experience in handling strategic projects in Indonesia, especially from clients from China.

Koka Indonesia has high qualifications in the construction of buildings, construction of the factory industry, as well as bridges and tunnels for more than 10 years. The Company itself said it had worked on more than 100 investment and construction engineering projects in Indonesia.