JAKARTA - PT Forza Land Indonesia Tbk (FORZ) sold shares of its subsidiary, PT Adara Properti Indonesia (API) worth Rp 46 billion to PT Pratama Maju Jaya (PMJ). The share sale transaction value is 16% of the company's equity of Rp 294.45 billion in July 2019.
Quoted from the disclosure of company information, the proceeds from the sale of these subsidiaries will be used by FORZ for debt repayment related to the implementation of the ratification of the peace agreement (homologation). In addition, the sale of shares is intended to improve the company's financial structure.
Previously, API shareholders namely FORZ (99.9%) and Forza Asset Management (FAM) (0.1%) with authorized capital of Rp 180 billion with paid up capital of Rp 46 billion. While the portfolio of shares amounted to Rp 134 billion. Sales transaction was made between FAM and PMJ yesterday (7/1). After the share sale transaction, the shareholder composition changed to PMJ 99.9% and Darren A.PS 0.1%. (LK)