Indonesia’s Waskita Karya eyes 28% growth to $1.04 billion in 2015

JAKARTA: Indonesian state-controlled construction company Waskita Karya said it expects its revenue to rise 28 percent to Rp 13 trillion ($1.04 billion) this year here the other day.

The company is also planning a rights issue to raise Rp 5.3 trillion in the second quarter to fund infrastructure projects in the Indonesian islands of Java and Sumatra, Corporate Secretary Antonius Yulianto Nugroho told Reuters.

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Out of the total rights issue, the Indonesian government will subscribe to Rp 3.5 trillion worth of Waskita Karya shares, according to state enterprise ministry documents presented to the parliament here the other day.

The Indonesian government owned 67.3 percent of Waskita Karya as of March 2014, according to Thomson Reuters data.