JAKARTA. PT Urban Jakarta Tbk (URBN) has injected Rp66 billion of additional capital into PT Urban Jakarta Commercial (UJK), its subsidiary engaged in real estate and large-scale accommodation.
Yurianatama Marpaung, Corporate Secretary of URBN, said that the capital injection was considered as an affiliated transaction because 99.99% of UJK shares is held by URBN, while the rest is held by PT Cipta Ruang Persada Property (CPP).
Marpaung added that the capital injection will be used by UJK as working capital. "It will be used to develop UJK's business activities in managing malls, shopping centers, or commercial areas," explained Marpaung through a disclosure submitted to the Indonesia Stock Exchange.
Previously, URBN had also injected additional capital of Rp424.51 billion for PT Jakarta River City (JRC), a Joint Operation (KSO) between the company and PT Wijaya Karya Realty. (KR/AR)