JAKARTA: The initial public offering (IPO) of PT Wika Beton, a subsidiary of PT Wijaya Karya Tbk, has to be pospotned until next year from the original plan in 2H /2011. Corporate Secretary of Wijaya Karya Natal Argawan Pardede said the postponed IPO of subsidiary of state-owned constructor was decided since Wika Beton is now focusing on investment project, but he said all preparations of IPO will continue to be done this year.As it is known, IPO plan of Wika Beton is already listed on the Work Plan and Budget of the Company (CBP) this year"Considering this condition, the company seems unfocused to handle the IPO. Wika Beton currently more focused their investments in this year. The preparations of the IPO will still be held, however, the execution will possibly hold in next year," he said when being contacted by Bisnis, yesterday.He said the subsidiary which is engaged in the industry of concrete and construction services are now focusing to work on new investment projects. He also said the funding for the investment company is taken from internal cash."They're the focus of running the new plan, in Cikampek. So the focus of the IPO is backward. That investment is aimed at supporting delivery product of elevated non-toll. The investment may spend around IDR250 billion. I do not remember the exact capital expenditure, but the investment needs still can be fulfill from internal cash," he said.Looking for the underwritersNatal said the number of shares to be disposed to the market and the underwriter has not yet to be settled.Previously, President Director of Wika Bintang Perbowo expected to scoop proceeds between IDR200 billion and IDR300 billion from the IPO. Meanwhile, the proceeds will be fully used to develop its subsidiarys business.Wijaya Karya Beton is the most prepared subsidiary of Wika for having an IPO. Wijaya Karya acquires 78.40% of stake in Wijaya Karya Beton, Meanwhile, the rest is owned by Employee Welfare Foundation of PT WIKA and Karya Mitra Satya Cooperative.Wijaya Karya Beton be a subsidiary on March 11, 1997. Before becoming a subsidiary of Wijaya Karya, Wijaya Karya Beton is part of the concrete product division of the company since 1974. The subsidiary has six sales regions and seven concrete plant.Based on data compiled by Bisnis, eight constructors recorded net profit in 1Q/2011 to reach IDR310.78 billion or grew 115.36% from the same period last year, following the significant increase in assets sales.The second largest net profit is booked by PT Wijaya Karya Tbk by pocketing IDR92.36 billion, or increased 45.03% from IDR63, 68 billion.Wijaya Karya leads the largest income by pocketing IDR1.54 trillion or an increase of 36.29% from IDR1.13 trillion in the same period last year.(wiw/t03)

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