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Nusantara Infrastructure, one of the country’s largest listed builders, plans to construct sea ports this year as part of its $250 million investment expansion in water projects.

“The target is to have water [infrastructure] projects in our portfolio by the end of this year,” said Bernadus Djonoputro, managing director at Nusantara Infrastructure, on Monday. According to Bernadus, the company targets cities with populations of more than 1.5 million people, indicating that metropolises on Java and Sumatra islands top the list.

The company is currently researching numerous potential locations in Indonesia, which includes underused property locations, but refused to reveal more details about the plans.

“One acquisition, for certain, will be finalized soon,” he said, declining to reveal details of the purchase. “The due diligence is not finished, so when don’t know the expense yet.”

Bernadus said that the company has several options to finance the purchase, including selling bonds, issuing shares or taking out bank loans.

Director Danni Hasan said that the company’s total assets could reach Rp 4 trillion ($468 million) this year, when the acquisition, which could take place in September, is taken into account. Based on its first-half financial report, as of June, Nusantara’s total assets stood at Rp 1.8 trillion.

Bernadus said that the company is supportive of the government’s efforts to accelerate the nation’s economic growth by boosting infrastructure development. The Indonesian government set Rp 168.1 trillion in the state budget for infrastructure for 2012, up 19 percent from this year, which is set at Rp 150.9 trillion.

Nusantara is also bidding for a public-private partnership project to build a sea port in Kalibaru, North Jakarta. The project is valued at up to Rp 11.7 trillion.

On Monday, the company gained shareholders’ approval to refinance a bank loan amounting to Rp 750 billion, so that it can take advantage of low borrowing costs.

The company moved its eight-year bank loan, used for three subsidiaries, from Bank Mega to Bank Central Asia at a rate lower than the current 13 percent.

“For the first year we have 9.75 percent interest and the rest is at a floating rate which averages also at about 9.75 percent,” Danni said.

He expects interest expenses to be reduced by 25 percent. Nusantara paid Rp 53.1 billion in interest for the first six months of 2011.

“Interest payments that we have to make next year will be reduced significantly,” Danni said.

He expects the company’s revenue to be about Rp 230 billion to Rp 250 billion by year end, up by more than 20 percent from 2010. Revenue during the January-July period had reached Rp 152 billion, Danni said.

Nusantara’s share price rose 2.4 percent on Monday to close at Rp 210. The shares lost 36 percent so far this year, while the benchmark index gained 3.7 percent.