Bina Puri Holdings Bhd plans to raise $4 million via an initial public offering of its Indonesian energy arm, PT. Megapower Makmur as it seeks to recoup some of its $28 million investment in the power supply business. Bina Puri Executive Director, Matthew Tee Kai Woon, says a listing application was submitted to the Indonesian Stock Exchange in April, 2016, with the IPO slated as early as August, 2016.

Almost half of the proceeds from the IPO will be used to repay debts, with the rest going towards working capital.