JAKARTA. PT Logindo Samudramakmur Tbk (LEAD), a shipping company under Alstonia Offshore, recently acquired an asset in the form of land for IDR 5 billion from its affiliate.
Adrianus Iskandar, Corporate Secretary of LEAD, said that the said area was acquired from Rudy Kurniawan Logam, the current member of LEAD’s board of directors. Logam is also listed as the shareholder of 6.76% of LEAD’s shares as of September 30, 2021.
For the record, the sales and purchase transaction has been initiated since February 17, 2021. However, the company had yet to secure the Sale & Purchase Act at that time. “It was still under the process of the local National Land Agency (lit. (Badan Pertanahan Nasional/BPN) regarding the downgrade from Freehold Title (SHM) to Cultivation Rights Title (SHGB) before proceeding to the Sale & Purchase Agreement,” he explained in the information disclosure in Indonesia Stock Exchange earlier today (13/12).
The fund source for this land purchase by LEAD was not specified. However, as of September 30, 2021, the company has cash and cash equivalents of USD 11.74 million.
According to idnfinancials.com data, 32.55% of LEAD was still controlled by Alstonie Offshore Pte Ltd by the end of this September. Public investors shared another 46.29%, while the small remaining portions were claimed by retail investors and several directors and commissioners. (KR/ZH)