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Agung Podomoro Land sells part of Central Park and land in Karawang to obtain loan

11 December 2020 08:28

JAKARTA. PT Agung Podomoro Land Tbk (APLN) has signed a deed and sale of purchase for apartment units and part of the Central Park Mall's commercial area to PT CPM Assets Indonesia.

 In addition, APLN also sold a land area of 1.05 m2 in Karawang. The land was owned by PT Buana Makmur Indah, a company in which APLN owns a 55% stake, before being sold to PT Karawang Tatabina Industrial Estate (KTIE).

According to APLN Director Cesar M. Dela Cruz, the sales aimed to increase the company's cash position. According to IDNFinancials.com's data, the property developer had Rp 1.05 trillion in cash and cash equivalents as of September 2020.

With an increase of cash, Mr Cruz said, the company can obtain new financing more easily. The financing will be used to expand the company's business. "The company's group can use [the new financing] as capital expenditure and for business expansion," he said in a stock exchange filing.

In an official statement, APLN's management did not disclose the value of the sales of the two assets. However, Mr Cruz said the value did not exceed 20% of the company's equity.

As of September 2020, APLN had Rp 11.03 trillion in equity, making the value of the company's sales of assets not exceed Rp 2.02 trillion. (KR/MS)

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