JAKARTA – PT Pakuan Tbk (UANG), a property developer, takes over 130,000 shares of PT Jakarta Investindo Indonesia (JII) for IDR 145 billion to reinforce its land bank in order to expand its business. The price set for this transaction is an IDR 15 billion higher than its face value of IDR 130 billion.
In the information disclosure, quoted Monday (30/8), JII’s authorised capital is reported to reach IDR 250 billion, equivalent to 250,000 units. Its issued and paid-up capital amounts to IDR 130 billion, 99.90% of which are owned by Jack Budiman, while Suhendar holds onto the remaining 0.10% worth IDR 130 million. The transaction value is determined after considering that, as of December 31, 2020, JII’s market value of 130,000 shares equals IDR 152.12 billion. Thus, it means that each share is worth IDR 1.17 million.
The intention behind the JII acquisition by Pakuan is linked to housing and commercial areas development plans to secure future income. The funds used for this transaction are taken directly out of the company’s internal cash, thus not disrupting its financial situation. As of December 2020, UANG’s equity is reported to reach IDR 114.44 billion, growing IDR 47.04 billion from its equity last year of IDR 67.39 billion. (LK/ZH)