Bina Puri Holdings Bhd (KLSE:BPURI) would likely raise around MYR18.12 million from the proposed listing of its 80%-owned indirect subsidiary, PT. Megapower Makmur on the Indonesia Stock Exchange. Megapower plans for an initial public offering (IPO) involving a public issue of 300 million new shares representing 30.93% of its issued and paid-up capital.

The indicative issue price will be ranging between MYR 0.0453-MYR 0.0604 per share. According to Bina Puri, proceeds from the listing would be used as working capital and to repay loan from its subsidiary, Bina Puri Power Sdn Bhd. Proceeds for working capital will be utilized to finance the day-to-day operations of the existing business of Megapower such as employee costs, general administrative and operating expenses, Bina Puri said.