Official Listing on BEI, GOLF Aims for Aggressive Expansion - GOLFLINK RESORTS

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Official Listing on BEI, GOLF Aims for Aggressive Expansion
PT Intra Golflink Resorts Tbk (GOLF) has officially conducted its initial public offering (IPO) on the Indonesia Stock Exchange (BEI) today. After deducting issuance costs, the company will use the majority of the IPO funds for expansion purposes.

Official Listing on BEI, GOLF Aims for Aggressive Expansion

1002 Views 08 July 2024

Jakarta, Beritasatu.com - PT Intra Golflink Resorts Tbk (GOLF) officially conducted its initial public offering (IPO) on the Indonesia Stock Exchange (BEI) today. After deducting issuance costs, the company will use the majority of the IPO funds for expansion.

Intra Golflink Resorts' Chief Commissioner, Darma Mangkuluhur Hutomo, stated that GOLF will aggressively expand for the development of infrastructure and ecosystem in the golf tourism sector.

"Our hope is that GOLF can become a pioneer and a leading golf tourism destination of choice for both local and foreign tourists," said Darma Mangkuluhur Hutomo in a press release on Monday (8/7/2024).

The company issued new shares through an initial public offering (IPO) totaling 1.95 billion units, equivalent to 10.01% of the total issued and fully paid capital after the IPO, priced at Rp 200 per share.

Thus, the total fresh funds raised amounted to Rp 390 billion. Breakdown shows that 87.53% will be allocated for capital injections into its subsidiary, PT New Kuta Golf and Ocean View (NKG), which will develop a 6-star Luxury Boutique Hotel at Hole 15-Th Cliff Hanger and 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 to build various 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 of the company (operational expenditure/opex).

It is noteworthy that NKG currently owns 85 hectares of land, while SGU owns 95 hectares. Furthermore, through its 48.07% ownership in PT Belitung Golf and Resorts (BGR), GOLF also manages the Black Rocks Hotel & Golf Club in Belitung, which spans 73 hectares of land.

Meanwhile, 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 playing golf and the completion of its ongoing development projects.

"We hope that the development of sports and entertainment ecosystem facilities around the golf area will boost GOLF's recurring income, thus ensuring the company's profitability continues to grow positively," explained Dwi.

Throughout 2023, GOLF saw a significant increase in revenue, rising by 59% from Rp 111.63 billion to Rp 177.58 billion. This led to a substantial year-on-year (yoy) increase in net profit, reaching Rp 60.18 billion in 2023.

Source: Beritasatu.com