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Indonesian construction companies aim for $1.2bn in share sales

Wijaya Karya is a member of the consortium building Indonesia's first mass rapid transit network in Jakarta. (Photo by Erwida Maulia)

JAKARTA Indonesia's top three state-owned construction companies are looking to raise up to 15.8 trillion rupiah ($1.2 billion) this year by selling shares, moves that will test investor appetite for exposure to the country's infrastructure sector.

The contractors have secured a slice of the revised budget, which allocated 44 trillion rupiah to some 20 state-owned enterprises. Private investors are expected to account for more than 70% of the target.

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