JAKARTA. PT Indonesian Paradise Property Tbk (INPP) has sold all of its shares in one of its subsidiaries for Rp 12.99 billion in order to improve business efficiency.
Ispandiati Makmur, Corporate Secretary of INPP, said the subsidiary sold by INPP was PT Karya Citra Unggul (KCU). Previously, INPP owned 12.99 million of KCU's shares, equivalent to 99.98% of KCU's issued and paid-up share capital.
PT Magenta Panca Raharja (MPR) purchased those shares from INPP. Meanwhile, the remaining 0.02% of KCU shares were bought by PT Rampaka Rendana Cakra (RRC).
"This transaction aims to improve the performance of INPP in the midst of intense competition in the property sector," Makmur explained on Monday (11/5) through an official statement.
Makmur also emphasized that the sale of KCU was not included in affiliated transactions, because INPP had no relations with MPR and PRC. In addition, he said the transaction had no material impact on the company's business performance and operations. (KR/AR)