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Northcliff acquires two property operators

23 May 2019 18:55

JAKARTA - PT Northcliff Citranusa Indonesia Tbk (SKYB) is developing its business to other fields to boost the company’s revenue growth.

Recently SKYB acquired shares in two property operators, namely PT Taman Suci Abadi, which manages hotels in Bali, and PT Griya Boga Selaras, which manages office buildings in Jakarta. In the early stage of the acquisition, the company spent as many as Rp 1.7 billion.

“We successfully acquired these two companies as the first step towards developing our business to guarantee our operating revenue in the future,” said SKYB Director Sigit Kamseno in a public expose at Equity Tower, South Jakarta on Thursday (23/5).

“Currently the company focuses on improving its performance and exploring other fields so that it can achieve positive performance in the future.”

In 2018, SKYB recorded negative performance due to low demand and tight competition in the phone credit and accessories industry. Thus, the company is exploring other businesses that have the potential to develop. (MS)

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