JAKARTA – PT Zyrexindo Mandiri Buana Tbk (ZRYX) made a payment for a land and building purchase near Daan Mogot, West Jakarta, of IDR 35.02 billion. Evan Jordan, the Corporate Secretary of Zyrexindo, announced the news through the information disclosure, quoted Monday (26/4).
It was mentioned that the land belonged to Timothy Siddik Shu, the controller of ZRYX. The purchase value reached IDR 54.50 billion, which has been paid off earlier in two instalments of IDR 12.75 billion and IDR 6.72 billion in June and July 2020. “The transaction was equal to 140.1% of the company’s equity by September 2020,” Jordan added.
The land purchased from Siddik Shu has an area of 1,392 m2, and the building was 3,156 m2.
According to Jordan’s words, the money used for buying land assets came from the company’s IPO funds. “The company saw the instalment payment as a way to alleviate the rent expense for headquarter, warehouse, and factory off of the company’s operational cost,” he explained. (LK/ZH)