Indonesia’s biggest telecom firm Perusahaan Perseroan PT Telekomunikasi Indonesia Tbk (Telkom) plans to spend up to 1.1 trillion rupiah ($95.49 million) or around 5 percent of its total capital expenditure on a property project, Finance Director Honesti Basyir said.
The firm, through its unit PT Graha Sarana Duta, plans to utilize its 2 million square meters of unproductive land for commercial property use, Basyir said.
Earlier the firm said it would develop 19 hotels, commercial retail property and other multifunction property projects within the next five years. (Kontan)
Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11520 rupiah) (Compiled by Jakarta Newsroom; Editing by Sunil Nair)