JAKARTA - PT Wijaya Karya Gedung Gedung Tbk (WEGE) still has IDR 254.44 billion in funds from the 2017 initial public offering (IPO) in three banks. 

In a disclosure published on Monday (17/7), Syailendra Ogan, WEGE Director of Human Capital and Risk Management Finance, reported that the IPO's net proceeds amounted to IDR 809.86 billion. "The funds that have been realized are IDR 555.42 billion," he said. 

The remaining IPO funds are kept in deposits with interest varying from 1.8%-4.75% at PT Bank Tabungan Negara (Persero) Tbk (BTPN), PT Bank Syariah Indonesia Tbk (BRIS), PT Bank Mandiri (Persero) Tbk (BMRI ), and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). 

In the prospectus, the IPO funds are allocated, among others, to provide space for urban infrastructure, social and tourism buildings 50.79%, investment in the form of developing subsidiary entities and modular construction businesses 13%, investment in construction production equipment and development of information technology systems 10%, and working capital 26.11%.

Until the first semester of 2023, the realization of the plan, namely, the provision of space for urban infrastructure, social and tourism buildings 32.47%, investment in the form of developing subsidiaries and modular construction business at zero (0%), investment in construction production equipment and development of information technology systems 10%, and working capital 26.11%. (LK/LM)