For more than six decades, PT PP (Persero) Tbk has successfully become one of the main players in national construction business through the accomplishment of various big projects across Indonesia.
PT PP (Persero) was established under the name of NV Pembangunan Perumahan based on the Notarial Deed No. 48 of August 26, 1953. At the time it was established PT PP (Persero) was estrusted to build houses for the officers of PT Semen Gresik Tbk, a subsidiary of BAPINDO in Gresik. Along with increased trust, PT PP (Persero) received the duty to construct large projects that were related to war compensations the Government of Japan paid to the Republic of Indonesia, namely : - Hotel Indonesia, Bali Beach Hotel, - Ambarukmo Palace Hotel and - Samudera Beach Hotel.
Referring to the Government Regulation No.63 year 1961, NV Pembangunan Perumahanwas transformed into PN (Perusahaan Negara) Pembangunan Perumahan.
PN (Perusahaan Negara) Pembangunan Perumahan has completed Hotel Indonesia construction which consists of 14 floors and 427 rooms that set a record as the highest building in Indonesia at that time.
Referring to the Government Regulation No.39 year 1971, PN Pembangunan Perumahan transformed its status into PT PP (Persero), enforced by Deeds No. 78 dated March 15, 1971. The core business activity of the Company is construction services.
For more than five decades, PT PP (Persero) has become one of the main players in national construction business. Several national mega projects were managed and built by PT PP (Persero). In 1991, PT PP (Persero) implemented business activity diversification namely property and realty such as office space leasing at Plaza PP and realty business development in Cibubur area. In addition, it also established subsidiaries in cooperation with several domestic and international partners namely PT PP-Taisei Indonesia Construction, PT Mitracipta Polasarana and PT Citra Waspphutowa.
PT PP (Persero) implemented EMBO (Employee Management Buy Out) program that is Republic of Indonesia’s Shares buyback by employees and management. Regarding this program, it is represented by PT PP Employees Shareholders Cooperative (KSPSPP). EMBO program implementation was authorized by the Government of the Republic of Indonesia referring to its regulation No. 64 year 2003 on Government of Republic of Indonesia Shares Offering to Perusahaan Perseroan (Persero) PT Pembangunan Perumahan as of December 31, 2003. The shares trading agreement was carried out between Government of Republic of Indonesia and KKPSPP under Notary on February 9, 2004. By implementing the EMBO program, the Company shares ownership changed to RI 51% and KKPSPP 49%.
In this year, the Company conducted Initial Public Offering (IPO). This program implementation had been approved by Government of Republic of Indonesia referring to its Regulation No.76 year 2009 on Changes in State Ownership Structure through issuance and offering to PT PP (Persero) dated December 28, 2009.
With new Regulation from the Government regarding the Changing of the Ownership Structure of State's Shares, therefore on February 9, 2010 the Company has fulfilled the listing requirement in PT Bursa Efek Indonesia (BEI). Commencing from the abovementioned date, PT PP (Persero) Tbk shares have officially been listed and could be traded in Bursa Efek Indonesia (BEI).
The Company succeeded in completing the first investment project, namely Gas Power Plant (PLTG) with 65 megawatt power at Talang Duku, South Sumatera. The project was inaugurated by Director of Perusahaan Listrik Negara (PLN) in October 2011. It also contributed during the SEA Games event in Palembang. Therefore the Company went back to business activity diversification, namely Engineering, Procurement & Construction (EPC) and Investment.
The Company was mandated to execute several infrastructure projects in Indonesia such as New Tanjung Priok with contract value of Rp 8.2 Billion. It was one of PT PP’s mega projects in 2012. In addition, the Company handled seven airport constructions throughout 2012. The Company conducted various corporate actions such as bond process at the end of 2012.
To support business expansion in 2013, the Company took various corporate actions financially and operationally such as sustainable public bond offering, PT PP Dirganeka acquisition to PP Pracetak, Property Division spin-off, 8 branches opening in Sulawesi, changes in vision, mission and company culture and acquisition plan of PT Prima Jasa Aldo Dua.
Acquisition of PT Prima Jasa Aldo Dua to become PT PP Equipment. Company’s preparation to perform corporate action through the preparation of Sustainable Bonds Stage II.
PT PP Properti Tbk listed initial public offering on May 19, 2015. This marked the shares listing and trading of PT PP (Persero) Tbk's subsidiary at Indonesia Stock Exchange. In addition, PT PP (Persero) Tbk also issued bonds phase 2 valued Rp300 billion.
Corporate Actions, Rp2.25 trillion Government Investment (PMN), and Spin Off of 2 (two) Business Divisions into Subsidiaries, Energy Business Division into PT PP Energi and Infrastructure Business Division into PT PP Infrastruktur.