JAKARTA - PT Urban Jakarta Propertindo Tbk (URBN) will increase its capital through a private placement this year to develop the company’s business.
The corporate action has been approved by shareholders in the company’s Extraordinary General Meeting of Shareholders (EGM) and Annual General Meeting of Shareholders (AGM) at Graha CIMB Niaga in Jakarta, Friday (5/4).
URBN Director Tri Rachman Batara said the EGM had approved a private placement with as many as 10% of the company’s placed and paid-up capital. “Rp 66 billion has been placed in accordance with our agreement with Ibukota Development Ltd, while the rest is still being processed and we are still unable to reveal the investors,” Mr Batara told the press after the company’s EGM and AGM.
In 2018, URBN recorded a 345% net profit hike to Rp 46.2 billion from Rp 10.3 billion in the previous year. The company’s revenues also soared 808% from Rp 36.6 billion in 2017 to Rp 332.6 billion in 2018.
“The achievement exceeded our target. Our profit was mainly contributed by sales of apartment units at Gateway Park, Urban Signature, and Urban Sky,” said Mr Batara. He added that he is optimistic this year the company will continue growing and record a positive performance. (MS)