Jakarta, CNBC Indonesia - PT Bangun Kosambi Sukses Tbk (CBDK) is set to offer its shares to the public or conduct an initial public offering (IPO) in early next year. According to the information disclosure by BEI, this real estate and property sector issuer is releasing 566,894,500 shares, which is 10% of the total shares placed and fully deposited. To kick off this corporate action, the company has appointed PT Trimegah Sekuritas Indonesia Tbk. The book building period begins on 13 December and ends on 20 December 2024.

Introduction to the Company

PT Bangun Kosambi Sukses Tbk was established in 2000 and is engaged in the field of housing development (real estate). Its activities include the purchase, sale, rental, and operation of real estate, whether owned or leased, such as apartment buildings, residential buildings, and non-residential buildings (such as storage/factory facilities, malls, shopping centers, etc.). It also provides houses and flats or apartments with or without furnishings for permanent use, on a monthly or annual basis. Additionally, it involves activities such as the sale of land, the development of buildings for self-operation (for renting out spaces in the building), the division of real estate into fenced land without land development, and the operation of residential areas for movable houses. Currently, the company's business activities focus on real estate development in the Tangerang area together with and through its subsidiary entities.For the six months ending on 30 June 2024, the majority of the company's revenue comes from real estate, accounting for more than 99% of the total consolidated net income.

Major Shareholders and Their Affiliations

In the prospectus, it was announced that the company received strong support from Grup Agung Sedayu owned by Sugianto Kusuma or Aguan and Grup Salim. Aguan is known as one of Indonesia's conglomerates in the property field. The company under its ownership has land development areas of approximately 8,000 hectares. The projects developed by ASG besides Pantai Indah Kapuk include The Langham Jakarta, PIK Avenue, The 101 Jakarta Sedayu Dharmawangsa, and others.Agung Sedayu indirectly holds 51% of CBDK shares through PT Pantai Indah Kapuk Dua Tbk (PANI). And directly, it holds 24.5%.The Salim footprint in CBDK can be seen from PT Tunas Mekar Jaya. This company is owned by Hindarto Budiono (99.99%) and Harris Then (0.0005%). The name Hindarto Budiono is indeed unfamiliar to the public.Hindarto, who was born on 17 June 1954 in Purwodadi, is currently one of the four controllers of PANI and also the largest indirect shareholder of the company. He is also one of the largest indirect shareholders of the gold-copper mining issuer owned by Grup Salim and the Panigoro family, Amman Mineral Internasional (AMMN).Hindarto is known to be a business figure with many affiliations with Grup Salim. He is the Chief Commissioner of Net Sekuritas and holds 59.5% of the company's shares. Net Sekuritas is a broker with the OK code affiliated with Grup Salim.In addition, there is also the name Arthur Salim on the CBDK board of directors. Arthur previously held a key position in the Grup Salim company. In 2016, he served as the Business Development Manager of Tamaris Hydro, a Grup Salim company in the new and emerging energy field.There is also Phiong Phillipus Darma sitting on the board of commissioners. It is recorded that Phiong has a long career in Grup Salim, such as at Indocement Tunggal Prakarsa, Asuransi Central Asia, Inti Salim Corpora, and others.