Take a Peek at the Plans of Tommy Soeharto's Company After IPO - GOLFLINK RESORTS

Take a Peek at the Plans of Tommy Soeharto's Company After IPO

Liputan6.com, Jakarta - PT Intra Golflink Resorts Tbk (GOLF) officially listed its shares on the Indonesia Stock Exchange (BEI) on Monday, July 8, 2024.

The company issued new shares through an initial public offering (IPO) totaling 1.95 billion units, equivalent to 10.01% of the fully paid-up capital after the IPO, priced at Rp200 per share. Consequently, the total fresh funds raised amounted to Rp390 billion. After deducting issuance costs, the majority of the IPO proceeds will be used for expansion. Specifically, 87.53% will be allocated to capital injections into its subsidiaries, including PT New Kuta Golf and Ocean View (NKG), which plans to develop a 6-star Luxury Boutique Hotel at Hole 15-Th Cliff Hanger and the New Kuta Golf Villa in the Pecatu Indah Resort area, Jimbaran, Bali.

NKG will also acquire 11,332 square meters of land adjacent to the hotel for supporting facilities. Additionally, approximately 5.34% will be used for capital injections into another subsidiary, PT Sentul Golf Utama (SGU), and the remaining 7.13% for operational expenditures.

"The plan is to aggressively expand our infrastructure and ecosystem in the golf tourism sector post-IPO. We aim for GOLF to become a pioneer and premier golf destination for both local and international tourists," said Darma Mangkuluhur Hutomo, President Commissioner of Intra Golflink Resorts, in a press release on Monday, July 8, 2024.

Development of Facilities

^{Intra Golflink Resorts Tbk (GOLF) officially listed its shares on the Indonesia Stock Exchange (BEI) on Monday, July 8, 2024. (Photo: BEI)}

GOLF has already commenced preliminary construction for the 6-star Luxury Boutique Hotel and New Kuta Golf Villa projects in Bali. The estimated investment required for these developments is Rp586 billion, with completion targeted for 2026.

Chief Executive Officer of Intra Golflink Resorts, Dwi Febri Astuti, projected that GOLF's performance will continue to improve alongside high interest from tourists in golf activities and the completion of these ongoing projects.

"We hope that developing sports and entertainment ecosystem facilities around our golf areas will boost GOLF's recurring income, thereby ensuring continued positive earnings growth for the company," she explained.

Throughout 2023, GOLF's revenue saw a significant increase, rising by 59% from Rp111.63 billion to Rp177.58 billion. This led to a 136% year-on-year surge in net profit in 2023 to Rp60.18 billion.

Intra Golflink Resorts Aims for Rp 390 Billion from IPO

^{PT Intra Golflink Resorts Tbk (GOLF) officially listed its shares on the Indonesia Stock Exchange (BEI) on Monday, July 8, 2024. (Photo: BEI)}

Previously, PT Intra Golflink Resorts Tbk (GOLF) planned to list its shares on the Indonesia Stock Exchange (BEI). The company completed its initial public offering (bookbuilding) on June 25, 2024, and received effective approval from the Financial Services Authority (OJK) on June 28, 2024.

The IPO price per share was set at Rp200. The offered share price was at the lower end of the Rp200-Rp230 range. As part of the IPO, the company issued 1.95 billion shares, equivalent to 10.01% of the total fully paid-up capital after the IPO. Consequently, the company raised fresh funds totaling Rp390 billion.

The number of shares offered was reduced from the initial plan. Initially, the company aimed to offer up to 3.1 billion shares with a nominal value of Rp25 per share. This would have represented a maximum of 15.02% of the total shares of the company's capital offered after the IPO.

Intra Golflink Resorts will use 87.53% of the IPO proceeds for capital injections into subsidiaries, including PT New Kuta Golf and Ocean View (NKG), which manages golf and property businesses, including luxury hotels in Bali. Furthermore, approximately 5.34% will be used for capital injections into another subsidiary of the company, PT Sentul Golf Utama (SGU), and the remaining 7.13% will be allocated to cover operational expenditures.

Vice President of Investment Banking at PT Samuel Sekuritas Indonesia, Nyoman Widita Prabawa, stated that the IPO price and the number of shares offered were determined based on agreements between the issuer and the lead underwriters, considering the serious interest from long-term investors who believe in the company's business prospects and financial performance.

Potential from the IPO Funds

^{Visitors pass by an electronic board displaying the movement of the Composite Stock Price Index (IHSG) at the Indonesia Stock Exchange, Jakarta, on Wednesday (15/4/2020). The IHSG movement ended sharply down 1.71% or 80.59 points to 4,625.9 during the trading day. (Liputan6.com/Johan Tallo)}

"We, along with the joint lead underwriters (JLU) and management of Intra Golflink Resorts, aim to maintain the long-term value of GOLF shares in the secondary market and protect the interests of long-term investors amidst market uncertainty risks," he said in a statement on Monday, July 1, 2024.

The setting of the IPO price and the number of shares issued is expected to increase investor participation, thereby ensuring liquidity of GOLF shares. Samuel Sekuritas Indonesia, along with PT KB Valbury Sekuritas, PT Semesta Indovest Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk, acted as the lead underwriters for the GOLF IPO.

Regarding the potential from the IPO funds, Chief Executive Officer of Intra Golflink Resorts, Dwi Febri Astuti, affirmed that the investment plans outlined in the prospectus will be implemented as intended.

"The development of the 6-star Luxury Boutique Hotel at Hole 15Th Cliff Hanger and the New Kuta Golf Villa along with its supporting facilities in the Pecatu Indah Resort area, Jimbaran, Bali, has begun, and the IPO funds are sufficient to finance the initial development," she clarified.

Company Product Development

^{Visitors walk past a screen displaying stock movement at the Indonesia Stock Exchange, Jakarta, on Friday (10/2). (Liputan6.com/Angga Yuniar)}

The development of these prestigious projects will be carried out gradually, with completion projected for 2026. Both projects are expected to enhance revenue and profits for Intra Golflink Resorts in the future.

"Considering the company's performance growth and the positive trends in the global and regional golf industry, we, as a key player in Indonesia's golf industry, are confident in optimizing existing potentials to achieve sustainable growth and innovation through our three golf courses managed and owned directly or through associated entities," said Darma Mangkuluhur Hutomo, President Commissioner of Intra Golflink Resorts.

These three golf courses include Palm Hills Golf Club Bogor managed through SGU, New Kuta Golf Bali under NKG, and Black Rocks Hotel & Golf Club Belitung owned through an associated entity, PT Belitung Golf And Resorts.

The company will start offering IPO shares to the public from July 2–4, 2024, and aims for share listing on the Indonesia Stock Exchange (BEI) to be completed on July 8, 2024. GOLF will be listed as a Sharia-compliant stock option for investors.

^{Infographic from the World Bank projects a sharp decline in Global Economic Growth. (Liputan6.com/Abdillah)}

Source: Liputan6.com