JAKARTA - PT Indospring Tbk (INDS), an automotive parts manufacturer that has been operating for 42 years, announced the acquisition of land lease income from an affiliated company with a value of Rp 3.81 billion.
Bob Budiono, Director of INDS, said that the object leased in the transaction is an area of 7,392 square meters, located on Jl. Mayjend Sungkono, Prambangan Village, Gresik. The rental value of the land is IDR 218.6 million per year and will increase by 7.5% for every 3 years, with the lease period from February 3, 2021 to February 2, 2036.
The tenant, which was INDS's affiliated company, is PT Indra Eramulti Logam Industri (IMLI). According to idnfinancials.com data, IMLI is a company whose shares are owned by PT Indoprima Gemilang. Mr Budiono added that Indoprima Gemilang is the company's controlling entity.
"Transactions between [INDS] and PT IMLI based on land lease agreements are included in the definition of an affiliated transaction," said Mr Budiono in an information disclosure on the Indonesia Stock Exchange (IDX) today. (KR/AC)