Pakuan establishes Vasanta Diamond Sawangan with DDS
JAKARTA – PT Pakuan Tbk (UANG) and PT Diamond Development Sawangan (DDS) establishes operational cooperation to develop the Vasanta Diamond Sawangan housing project in Bogor. Along with this cooperation, the company turns in a land asset of 119,100 m2 worth IDR 239.50 billion as a guarantee to DDS.
In the information disclosure quoted on Thursday (22/7), Eric Wihardja, Vice President Director of Pakuan, claims that the land transfer is intended as a good deed following an IDR 239.50 billion contribution by DDS for the cooperation capital. “The percentage of the said transaction equals 225.77% of the company’s equity in March 2021,” Wihardja adds.
As of Q1 2021, UANG’s equity is reported at IDR 106.08 billion, while its liability and equity round up to IDR 645.29 billion. The revenue hits IDR 3.56 billion, and its current year’s loss is IDR 8.35 billion.
In the agreement between these two companies, UANG provides a land area worth IDR 2 million per metre and deposits IDR 17.38 billion as the initial working capital for this collaboration. (LK/ZH)