VKTR to Erect EV Assembly Plant after Successful IPO

By Editorial Team 20/06/2023
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Summary

PT VKTR Teknologi Mobilitas Tbk (VKTR) is officially listed on the Indonesia Stock Exchange (IDX) on Monday. The PT Bakrie & Brothers Tbk (BNBR) subsidiary managed to raise Rp 875 billion of fresh funds from the initial public offering (IPO).

VKTR president director Gilarsi Setijono revealed that the market's reception was very good since the shares were oversubscribed by up to 38 times.

According to Gilarsi, the company will not only distribute electric vehicles made by other manufacturers but also assemble some by themselves. VKTR is developing an EV assembly plant in Magelang, Central Java, with the help of several parties, including Trisakti University. "In the initial phase of the plan, the assembly capacity will be 500 units per year," he said.

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