PT Marga Abhinaya Abadi (Maba), engages in hotel construction, plans to launch the initial public offering (IPO) for 1.18 billion shares, representing 20% of its total issued and paid-up capital. It has appointed PT Erdhika Elit Sekuritas as underwriter for this IPO. The Company will use IPO proceeds for paying debt (38%), business expansion (34%), and working capital (28%). Te Company was established in 2009 under name of PT Lintas Insana Wisesa, then changed name into Marga Abhinaya Abadi in February 2017. Its hotel brands under Samali Hotels & Resorts are such as Ammi, Luxurious Collection (5-star), Allium Upscale Collection (4-star), Arum Traveller Collection (3-star), and Azara Bed & Breakfast Collection (2-star). Currently Maba operates 3 hotels (Ammi Cepu, Ammi Tangerang, Allium Cepu) and will build Ammi Medan and Ammi Jogja. While Arum Cepu is now under construction. Maba also develops restaurant business through its subsidiary, PT Dream Food.
