Metropolitan Kentjana surged 30%

Property company PT Metropolitan Kentjana (MKPI) Tbk gained 30% in its first day of trading at Indonesia Stock Exchange (IDX).

MKPI floats 95 million shares in an IPO with total proceeds of Rp199.5 billion (Rp2100 per share) with PT Mandiri Sekuritas and PT Lautandhana Securindo as underwriters. With total outstanding issued shares of 948.19 million, Metropolitan currently has market capitalization of about US$260 million at Rp2750 per share.

PT Metropolitan Kentjana Tbk is developer of famous Pondok Indah complex. Controlling shareholder is Murdaya Widyawimarta (popular as Murdaya Po) family. Siti Hartati Murdaya, Po's wife, is a member of SBY-Boediono campaign team. Their children---Prajna, Karuna, and Metta Margaretha---are also listed in the board of commissioners. 

Other heavy-weight names are H. Ismail Sofyan & Soekrisman (Jababeka), Samin Tan (Renaissance Capital), and Iwan Putra Brasali (Brasali Group). Property magnate Ciputra is also a commissioner in the company. 

The late Ali Sadikin (former Jakarta governor) family has significant shares through Boy Bernadi Sadikin, Benyamin I. Sadikin, Irawan Hernadi Sadikin, and Eddy Trisnadi Sadikin.

Metropolitan Kentjana had total asset of about US$160 million as of December 2008. It recorded sales revenue of Rp604 billion last year with net profit of Rp260 billion.

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