JAKARTA – PT PP Properti Tbk (PPRO) secures IDR 26.32 billion from selling 11.7% of its portion in PT BIJB Aerocity Development (PBAD) to PT Manakib Rezeki (MR).
Ikhwan Putra Pradhana, VP Corporate Secretary of PPRO, claimed that the proceeds of said sale will be used to cover the cost of existing and upcoming projects. “The sale proceeds are expected to positively impact the company’s cash flow and help to realise the outlined work plan,” he added in the information disclosure quoted Tuesday (5/7).
PPRO’s shares in PBAD that were transferred to MR are approximately 219,375,000 units worth IDR 120 each. The divestment of 11.7% of its portion in PBAD is included in its strategic measure to manage and rearrange its investment portfolio.
MR is a property developer based in Bogor, West Java. In 1993, this company kicked off its business by building several clusters of housing over 100-ha land. They include Rancamaya, Cluster Puri Anggrek, Alamanda, and Cinnamon. (LK)