Bina Puri gets pre-approval for listing of unit on Indonesian exchange

KUALA LUMPUR (May 24): Bina Puri Holdings Bhd has received the pre-approval for the listing of its subsidiary PT Megapower Makmur Tbk on the Indonesia Stock Exchange from Otoritas Jasa Keuangan (OJK), which is the financial supervisory authority of Indonesia.

However, the pre-approval letter is not an approval of the application made to OJK, said Bina Puri in the filing to Bursa Malaysia today.

The construction firm said the pre-approval was given by OJK through a letter dated May 22, 2017.

With the pre-approval letter in hand, PT Megapower is now required to publish its concise prospectus no later than two working days for the purpose of its book building exercise.

The approval letter will be granted by OJK subject to the authority completing its review of the adequacy and objectivity of the information disclosed in the application by PT Megapower.

PT Megapower is also to confirm that there are no changes on the information submitted to the authority in relation to the total number of public issue shares, issue price, details of issuance cost and the underwriting agreement.

At the closing bell today, Bina Puri shares were unchanged at 43 sen. Its market capitalisation stood at RM112 million. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.