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PT Pembangunan Perumahan (Persero) Tbk To Spin Off Property Division-The Jakarta Post


Thursday, 24 Oct 2013 02:40am EDT 

The Jakarta Post reported that PT Pembangunan Perumahan (Persero) Tbk (PP) has officially made its property division turned an independent company in a spin-off. The new subsidiary, PT PP Properti, is to be listed on the Indonesia Stock Exchange (IDX) in late 2014. PP president director Bambang Triwibowo said the new subsidiary would have 20% of PP's offloaded capital, with a total equity of IDR 1 trillion (USD 89 million) and liability of IDR 244.1 billion. The spin-off is projected to boost the holding company's average property sales by IDR 1.9 million and increase PP's profit by 13% in five years and by 20% to 25% in 10 years. So far, the property division contributed around 4% to 6% to PP's total earnings. To develop the property business, Bambang said, the company would focus on engaging state-owned companies and land owners to make use of their idle lots. He said PP Properti would soon work on several projects with a total value of IDR 19.9 trillion. The projects include a IDR 3 trillion joint-venture housing project with state-owned oil company PT Pertamina in Tanjung Duren, West Jakarta. Other projects include the Grand Kamala Lagoon Apartment in Bekasi, West Java, and Grand Sungkono Lagoon Apartment in Surabaya, East Java, which are worth IDR 11 trillion and IDR 5 trillion, respectively. 

Company Quote

3455.0
155.0 +4.70%
19 Dec 2014