JAKARTA – A subsidiary of Sinarmas Land, PT Bumi Serpong Damai Tbk (BSDE), has divested its entire ownership in PT Duta Dharma Sinarmas (DDSM).

The 51% majority stake, held by BSDE through its subsidiary PT Sentra Talenta Utama, has now been transferred to PT Duta Dharma Sulut (DDS) and Jimmy Widjaja.

This divestment involved the sale of 112 million DDSM shares for a transaction value of IDR 72.5 billion.

According to a disclosure to the Indonesia Stock Exchange (IDX) on Tuesday (3/6), BSDE Director Hermawan Wijaya confirmed that the transaction is not classified as an affiliated transaction under the provisions of OJK Regulation 42.

Hermawan explained that this divestment is a strategic move to strengthen BSDE’s business portfolio for the long term.

It also forms part of BSDE’s effort to streamline asset management by reallocating resources to more suitable projects that will sustain the company’s long-term growth.

“The proceeds from this transaction will be used for projects that offer greater long-term return potential than retaining DDSM,” Hermawan added.

For context, DDSM is a property developer planning to build the Capitol Primera City residential complex in Manado, North Sulawesi, in collaboration with The Capitol Group.

Launched in 2014, the project is located in the heart of Manado and is designed as a mixed-use development area combining business, commerce, lifestyle, and residential elements. (DH/ZH)