PT Wijaya Karya (Persero) Tbk is seeking IPO of PT Wijaya Karya Realty. Wijaya Karya plans to sell shares of its real estate subsidiary Wijaya Karya Realty in the first quarter of 2017, with a goal of IDR 2 trillion ($152.3 million). Destiawan Soewardjono, Operational Director of PT Wijaya Karya, said during Indonesia Infrastructure Week in Jakarta on November 10, 2016, “The company would release up to 30% of the shares to the market.

The funds will be used mainly for strengthening the business by taking over other companies and buying new land. We are looking for companies related to real estate, such as cable making and property management. If the price is right, we will buy.

When PT Wijaya Karya Realty is finished, we will prepare another subsidiary, such as PT. Wijaya Karya Bangunan Gedung [building construction subsidiary] for an IPO too.”