Bakrie & Brothers Chief Outlines Conditions for Subsidiary IPO Launch
Jakarta – The Bakrie Group’s holding company PT Bakrie & Brothers Tbk (BNBR) has outlined the ideal scenario for bringing its subsidiary companies to the stock exchange through initial public offerings (IPOs).
Chief Executive Officer and Managing Director Anindya N. Bakrie stated that the company currently has no plans to float any subsidiaries. Rather, the company’s focus is on developing each business division within its existing corporate ecosystem.
Most recently, BNBR listed PT Vktr Teknologi Mobilitas Tbk (VKTR) on the exchange on 19 June 2023. BNBR holds 56.94% of VKTR directly, with the remaining 43.86% held indirectly through subsidiary PT Bakrie Metal Industries (BMI), which is 99.99% owned by BNBR.
“Aside from VKTR, we have Modula, Helio, and Bakrie Parts alongside Bakrie Metal Industries, which continue to develop their operations in both oil and gas and non-oil and gas sectors, as well as other construction segments. We are also expanding in the gas pipeline sector to generate strong cash flows,” Bakrie said during an interview at Bakrie Tower in Jakarta on Friday.
The group structure includes six direct subsidiaries beneath BNBR, including VKTR. These are PT Bakrie Metal Industries (99.99% ownership), PT Bakrie Building Industries (99.99%), PT Bakrie Indo Infrastructure (99.99%), PT Bakrie Harper (70%), and PT Kreasindo Jaya Utama (99.99%).
Additionally, PT Helio Synar operates in the renewable energy sector and is owned by BNBR through PT Bakrie Indo Infrastructure. PT Modula Tiga Dimensi is a joint venture between BNBR and Denmark-based Cobod International, operating in 3D building printing technology.
Bakrie continued that ideal conditions for converting BNBR subsidiaries into public companies include the business readiness of each subsidiary, the capital requirements of the company, and the strength of the capital market.
He cited the ongoing business expansion as the acquisition of the Cimanggis-Cibitung Toll Road by subsidiary PT Bakrie Toll Indonesia. He noted that the 26-kilometre toll road generates approximately Rp3 billion daily from approximately 43,000 vehicles passing through each day.
For 2026, BNBR will focus on consolidating and deepening its business across each subsidiary. Under PT Bakrie Metal Industries, PT Bakrie Pipe Industries is being positioned to become the market leader in supplying industrial piping for oil and gas and non-oil and gas applications.
“Both sectors will benefit from government efforts to increase oil and gas production, which creates opportunities for us. The non-oil and gas sector will also benefit from government infrastructure development initiatives, which similarly represent opportunities for us,” he stated.
In other segments, BNBR is targeting opportunities in gas commodities through PT Bakrie Gas, a subsidiary held through PT Bakrie Indo Infrastructure.
VKTR will remain the company’s flagship operation for renewable energy business development. For Modula, BNBR is targeting 3D printing, a segment which Bakrie believes has significant market potential.
“We see that the government is very active in efforts to build 3 million homes annually. With 3D printing, if executed correctly according to expectations, this could become an efficient and rapid method,” he concluded.