KONTAN.CO.ID - JAKARTA. PT Intra Golflink Resorts Tbk (GOLF) officially debuted on the Indonesia Stock Exchange (BEI) on Monday (8/7). On its first trading day, GOLF shares closed with a 35% increase at Rp 270 per share.
To recap, GOLF offered 1.95 million shares, equivalent to 10.01% of the total issued and fully paid-up capital after the IPO, priced at Rp 200 per share. This raised a total of Rp 390 billion in fresh funds. After deducting issuance costs, the majority of the IPO proceeds will be used for expansion.
Specifically, 87.53% will go towards capital injections into its subsidiary, PT New Kuta Golf and Ocean View (NKG), which plans to develop a 6-star Luxury Boutique Hotel at Hole 15-The 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 directly in front of the hotel for additional facilities.
Additionally, about 5.34% will be used for capital injections into another subsidiary, PT Sentul Golf Utama (SGU), and the remaining 7.13% will finance the company's operational expenditures (opex).
Dwi Febri Astuti, the CEO of Intra Golflink Resorts, stated that GOLF targets a 20% EBITDA growth by the end of 2024. The company expects its performance to continue improving alongside high interest from golfing tourists and the completion of its ongoing development projects.
"We hope that developing sports and entertainment ecosystem facilities around the golf area will boost GOLF's recurring income, thus ensuring continued positive company profits," he said after the IPO on Monday (8/7).
In 2023, GOLF's revenue increased by 59% from Rp 111.63 billion to Rp 177.58 billion, leading to a 136% year-on-year increase in net profit to Rp 60.18 billion.
Febri added that GOLF allocated Rp 550 billion for capital expenditures (capex), including Rp 225 billion from the IPO funds, specifically for the development of New Kuta Golf Villa in Bali.
Chairman Darma Mangkuluhur Hutomo mentioned that GOLF aims to establish a golf tourism destination by providing a 6-star Luxury Boutique Hotel in Bali. Additionally, GOLF plans to integrate AI (artificial intelligence) and AR (augmented reality) technologies into its business operations.
"We are investing in AI and augmented reality integration. We need to start looking at new technologies (in the golf world) and implementing them. We are transforming traditional golf with the implementation of these new technologies," he said.
GOLF also intends to create new job opportunities in Indonesia through its golf tourism business, aiming to enhance Indonesia's competitiveness in the global market.
"We are currently focusing on developing our business in Indonesia. In the future, if possible, we will expand internationally," he explained.
Currently, NKG owns 85 hectares of land, SGU owns 95 hectares, and GOLF holds a 48.07% stake in PT Belitung Golf and Resorts (BGR), managing the Black Rocks Hotel & Golf Club in Belitung on 73 hectares of land.
Source: industri.kontan.co.id
Update Saham
