EAST - PT. Eastparc Hotel Tbk

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JAKARTA - PT Eastparc Hotel Tbk (EAST) has realised IDR 4.62 billion, or 10% of the net proceeds, from initial public offering (IPO) of IDR 46.64 billion by June 30, 2020. This was conveyed by Khalid Bin Omar Abdat, President Director of EAST in an information disclosure on Friday (4/12).

He said that IPO proceeds would be used entirely to build new hotels according to the plan presented in the prospectus. In IPO occured on June 26, 2019, he mentioned, management received the proceeds from stock offering of IDR 54.88 billion, and about IDR 8.23 billion was used to finance the IPO.

According to him, a fund of IDR 4.62 billion was realised to finance the planning, licensing, and room mock-up construction. The remaining IDR 40 billion was deposited by the company as time deposits at Bank Negara Indonesia, with an interest rate of 6.75% per annum for 6-month period. "We will report the remaining IDR 2 billion in the use of funds realisation for December 31, 2020," he said. (LK/VA)