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Urban Jakarta acquires 51% of Jakarta River City shares for Rp 633 billion

24 April 2020 07:35

JAKARTA - PT Urban Jakarta Propertindo Tbk (URBN) acquired 51.01% of PT Jakarta River City shares from PT Ciptaruang Persada Property for Rp 633 billion.

Bambang Sumargono, President Director of PT Urban Jakarta Propertindo Tbk., stated that the funds for the acquisition were from proceeds from its initial public offering (IPO) and internal cash, as quoted from Kontan.co.id. 

Bambang is confident that the company will get more revenue because the transit-oriented development (TOD) projects managed by Jakarta River City is estimated to generate operating income of Rp 9.3 trillion and net profit of Rp 2.8 trillion. (ARM/AR)

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