JAKARTA - PT HK Realtindo (HKR), a subsidiary of PT Hutama Karya (Persero), will pay 55% share acquisition in PT Cempaka Surya Kencana (CSK), from PT Azbindo, with a transaction value of IDR 2.2 trillion. This was conveyed by Budi Harto, President Director of PT Hutama Karya (Persero) in an information disclosure published on Monday (11/1).
He said that CSK's financial statements would be consolidated and became grandchild company after HKR realised the payment for share acquisition agreement. "HKR provided a down payment of IDR 200 billion for CSK acquisition and provided a loan to CSK, amounting to IDR 1 trillion," said Harto.
CSK share purchase transaction was carried out on March 15, 2019.
Moreover, Budi Harto mentioned that Azbindo took over the loan (novation), worth IDR 1 trillion, as the parent company of CSK. "The IDR 2 trillion shortfall is positioned in debt to Azbindo. If the sale of CSK's land inventory is successful, the proceeds from the sale will be divided as dividends and to pay off the debts and receivables of the shareholders," he explained. (LK/VA)