Sinarmas said to revive industrial estate IPO

Singapore

SINARMAS Land Ltd, the Indonesian developer backed by billionaire Eka Tjipta Widjaja, has restarted talks on a US$300 million initial public offering of an industrial property arm, people with knowledge of the matter said. Sinarmas Land unit PT Puradelta Lestari, which is part-owned by Japanese trading house Sojitz Corp, may sell shares in Indonesia this year after shelving the offering in 2013, the people said. They asked not to be identified as the discussions are private.

Puradelta Lestari is seeking a listing after shares of industrial real estate companies in Indonesia surged. It is the developer of the Kota Delta Mas project in Cikarang, located 37 kilometres east of Jakarta, which includes commercial, industrial and residential facilities spanning an area of about 3,000 hectares, according to its website. "We are still looking for a good time, so I don't want to comment on the IPO," Ishak Chandra, managing director of corporate strategy and service at Sinarmas Land, said on Thursday.