JAKARTA - PT Bliss Properti Indonesia Tbk (POSA) delayed the operations of Jambi City Center, a new shopping center in the city of Jambi due to problems it fitout tenant works. POSA has spent Rp 39.82 billion of its capital expenditure (CapEx) budget for the construction of the shopping center.
As quoted from the company's disclosure published on Tuesday (18/2), at first, the company's target for the operations of the shopping center was in the third quarter of 2019. However, due to the problems in fitout tenant works, the occupancy rate of the shopping center has not yet reached the company's target of 80%. However, he is optimistic that the occupancy rate will reach 80% later this year. "The company and the tenants have already signed the agreement," said the company's management.
On 19 May 2019, POSA made an initial public offering (IPO) and obtained Rp 255 billion. Funds from the IPO were allocated as working capital of the company's subsidiaries (79%) and as CapEx budget (21%). (LK/AR)