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Pembangunan Perumahan establishes a joint venture to run SPAM Gresik

15 March 2019 11:44 AM  Company: PT. Pembangunan Perumahan (Persero) Tbk[PTPP]
Rp. 1,855  +65 (3.63%)

JAKARTA - PT Pembangunan Perumahan (Persero) Tbk (PTPP) and PT Krakatau Tirta Industri established a joint venture to operate Drinking Water Distribution System(SPAM) Gresik with a capacity of 1,000 litres per second. The authorised capital of the joint venture reached Rp 50 billion, while its paid-up and issued capital reached Rp 12.50 billion.

As cited from the company's disclosure of information, the composition of shareholders in the company is as follows: PT Pembangunan Perumahan (75% or Rp 9.37 billion in the issued and paid-up capital) and PT Krakatau Tirta Industri (25% with Rp 3.12 billion). The agreement for the establishment of the joint venture has been signed on 14 March 2019.

Agus Samuel Kana, Corporate Secretary of PT Pembangunan Perumahan (Persero) Tbk (PTPP) stated that the establishment of the joint venture would support the company's operation. "The company will obtain a recurring income from the equity capital, which will strengthen the company's financial condition," he said. (LK/AR)

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PT. Pembangunan Perumahan (Persero) Tbk [PTPP]   Rp. 1,855   +65 (3.63%)