Jakarta. Barito Pacific (BRPT), part of the Barito Group conglomerate, clarified that it has yet to set any plans to list its property subsidiary, Griya Idola, through an initial public offering (IPO).

Director David Kosasih said the group intends to take a cautious approach before moving forward with the plan. “We want to ensure that everything is well-prepared before presenting it to the public. That’s where we are at the moment,” David said during a public expose on Wednesday.

Addressing market rumors about a potential acquisition of Nusa Raya Cipta (IDX: NRCA), David confirmed that Barito Group has no intention of acquiring the construction firm to strengthen its property services business.

Owned by tycoon Prajogo Pangestu, Barito Group will continue focusing on sustainable growth, pursuing both organic and inorganic expansion.

“Our focus remains on the sectors where we already have a strong presence: energy, petrochemicals, infrastructure, and property,” David said. He added that the group continues to explore potential acquisitions that could enhance shareholder value and create synergy within its portfolio.

“Any acquisition we undertake must create positive synergy and meet our operational and financial benchmarks,” David said.

From January to September 2025, BRPT reported capital expenditure (capex) of around $480 million (Rp 8 trillion), largely allocated to priority projects such as plant construction and capacity expansion in its geothermal assets.

“We also used part of our capex to finance several acquisitions this year,” David said.

Among them was the move by Chandra Asri Pacific (TPIA), a Barito subsidiary, which recently acquired ExxonMobil’s Esso retail fuel station network in Singapore to develop integrated energy infrastructure for mobility and energy solutions markets.

TPIA believes the Singapore expansion will strengthen its overall position, opening broader opportunities for investment, job creation, and contribution to Indonesia’s economic growth.

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