President Director of PT Wijaya Karya (Persero) Tbk Agung Budi Waskito said that the company could implement the plan for the initial public offering (IPO) of PT Wika Realty in early 2023.

"Prior to the IPO, the government is currently forming a holding company for SOEs Hotels which is planned to be led by Wika Realty," he said in an online webinar on Measuring Infrastructure on Wednesday (14/4).

According to Agung, the government and SOEs, which joined the holding, are currently forming a special purpose vehicle. The plan is for the holding of SOEs in the hospitality sector to be introduced in May.

"Next, from 2021 to 2022, we will renovate the hotel and some of our hotels will be upgraded. So we hope that in 2022 the income will already be included, so we will IPO early in 2023, "Agung explained.

Meanwhile, Wika Realty's total assets reached Rp4.7 trillion.

In addition to the business entity's IPO plan, the company will immediately divest minority shares in several toll roads. The divestment transaction value is estimated at Rp174 billion.

"We plan to divest them this year. The value is small because our finances are good enough," he said.