EAST - PT. Eastparc Hotel Tbk

Rp 58

+2 (+3,57%)

JAKARTA. PT Eastparc Hotel Tbk (EAST) is preparing the construction of its new hotel in Yogyakarta, in which the company invest Rp 125 billion.

Khalid, Director of EAST, said that at present, his party is trying to obtain a number of permits from the local government. Six months from now, after all the permits have been obtained, the company will start the construction of the new hotel.

"We expect it to be completed by the end of 2022, the target is also not far from the government's target for the completion of the Jogja-Solo, Jogja-Bawen, and Jogja-Kulon Progo toll roads," Khalid said as quoted by Kontan on Monday (9/12) yesterday.

EAST plans to use its Initial Public Offering (IPO) funds to finance the project. In addition, the company will also use convertible warrants, internal cash, and bank loans if needed. (KR/AR)