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Bank JTrust bought fixed assets from its affiliates, spending IDR 12.52 billion

08 March 2022 06:28

JAKARTA. PT Bank JTrust Indonesia Tbk (BCIC) has purchased assets in the form of land and building located in three cities from an affiliated company with a transaction worth IDR 12.52 billion.

Ritsuo Fukadai, President Director of BCIC, claimed that the land and buildings were acquired from PT JTrust Olympindo Multi Finance (JTO). “It is to be utilised as branch offices in Depok, Tangerang, and Malang,” he clarified in the information disclosure in Indonesia Stock Exchange (IDX).

Specifically, the land and buildings in Depok were acquired for IDR 3.12 billion. Meanwhile, the assets in Tangerang and Malang were worth IDR 2.41 billion and IDR 6.99 billion, respectively.

The Public Appraisal Office appointed to evaluate the said affiliate transaction deemed the sale and purchase process appropriate. Moreover, the total purchasing price agreed in the transaction is still below the market value.

“Through this transaction, the company’s expenditure will be rather controlled due to the lack of fluctuation or increased leasing price and renovation following a relocation,” Fukadai further explained.

According to idnfinancials.com data, JTO is a financing company under J Trust Asia Ltd. For the record, J Trust Asia is also the controlling shareholder of the company (JTO). (KR/ZH)

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