Jakarta, 22 June 2023 – PT Graha Mitra Asia Tbk (the Company), a property company and real estate developer known as RelifeAsia, has officially been listed on the Indonesia Stock Exchange with the stock code RELF. The company offers 1,200,000,000 shares or 20.95% of the total paid-up capital after the public offering.
In the process of this Initial Public Offering, PT UOB Kay Hian Sekuritas acted as Underwriter for the Issue. The public offering period was held from 15 June 2023 to 20 June 2023 and the shares were listed on the Indonesia Stock Exchange (IDX) today, 22 June 2023 with an offering price of IDR 90 per share.
Funds obtained from the initial public offering of shares will be used for several purposes:
- Rp 27.5 billion or 25.46% of the total funds will be used to buy 2,750 m2 of land in Jagakarsa, South Jakarta. Later the land will be developed as the Greenland Jagakarsa real estate project.
- A total of IDR 56 billion or around 51.85% will be used to purchase 4 hectares of land located in West Semplak, Kemang, Bogor. The land will be built into about 300 houses.
- The remaining 22.69% or IDR 24.5 billion will be used for the company’s working capital.
The Company simultaneously issued 1,200,000,000 (one billion two hundred million) Series I Warrants accompanying the Company’s New Shares or 26.50% (twenty-six point five zero percent) of the total issued and paid-up capital. Series I Warrants are given free of charge as an incentive for New Shareholders whose names are registered in the Register of Shareholders on the Allotment Date. Every holder of 1 (one) New Share of the Company has the right to obtain 1 (one) Series I Warrant where every 1 (one) Series I Warrant gives the holder the right to purchase 1 (one) new share of the Company which is issued in the portfolio.
President Director of RELF Ivan Darmanto said that the proceeds from the IPO funds will be used to purchase land in two locations, namely in Semplak, Bogor with an area of 4 hectares and Jagakarsa, South Jakarta with an area of 2,750 m2. Where these two lands will be directly worked on by the Company this year as well, so that after the IPO the Company will immediately have 3 projects which will all contribute to the company’s revenue.
In addition, the company plans to obtain a green building certificate as part of the company’s efforts to maintain environmental sustainability. “We plan to obtain Green Building certificates, with Excellent In Design For Greater Efficiency for several types of our buildings,” he said.
This is in line with the company’s vision of carrying a house with the concept of Green Urban Living. Green Urban Living itself is the practice of creating communities that benefit humans and the environment. “We make these efforts as a commitment to environmental sustainability,” he added.
PT Graha Mitra Asia Tbk (RELF) currently has the Greenland Kemang project located in Bogor, West Java. The landed house project with selling prices ranging from 600 million to 1.2 billion was built on an area of 13 hectares with a total of approximately 1,000 housing units divided into 5 cluster units including the Greenbelt, Samanea, Regia, Casia and Carbera clusters. Currently, the company has launched two of them, namely the Regia and Casia clusters. The project, which opened in 2021, has sold more than 150 housing units.
Apart from the 13 hectares that will be developed for landed houses. Ivan said that the Company also has a land bank of 1.5 hectares which in the future can be developed as a commercial area and apartments.
The Company’s performance in 2022 has increased significantly. During 2022, revenue increased by 831.5% to IDR 18.35 billion. Meanwhile, revenue in 2021 is only IDR 1.97 billion. This increase was obtained because the company had just started the Greenland Kemang housing project in mid-2022.
The increase in sales was dominated by revenue from the sale of housing units in the Kemang Greenland Project, Bogor which had been handed over by the Company. The increase in sales also affected the increase in net profit and the Company’s net profit margin as follows:
- Net profit per year 2022 increased by 2730% to IDR 4.48 billion. The company experienced a significant increase compared to 2021 with a net profit of IDR 158.4 million.
- The net profit margin in 2022 has also increased to 24.5% compared to 2021 of 8.4%.
The company also has a policy of distributing dividends of a maximum of 50% of net profit. According to Edy Abdul Malik, Finance Director of PT Graha Mitra Asia Tbk., “The company has a dividend distribution policy of a maximum of 50% of net profit.” Not only that, Edy added, the company has the potential to distribute interim dividends this year.