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Debts await, PKPK divests its assets for IDR 16.30 billion

04 April 2022 07:04

JAKARTA – PT Perdana Karya Persada Tbk (PKPK), an oil and gas company, sold off its land and building in Samarinda, East Kalimantan, for IDR 16.30 billion. It is intended to pay back the long-term debts it owed PT Royal Victoria Hotel (RVH), which was reportedly worth IDR 24.11 billion by the end of December 2021.

In the information disclosure quoted Monday (4/4), Ferry Bastian, Coporate Secretary of Perdana Karya Persada, revealed that the said divested assets are land and building of 9,449 m2 in Sungai Pinang Dalam, Samarinda. “The buyer, PT Royal Victoria Hotel, is a non-affiliated party of the company,” he clarified.

The said transaction was higher in value than the book value of IDR 10.47 billion, which is equivalent to 26.18% of the company’s total equity of IDR 40.01 billion reported by the end of December 2021. With this asset divestment, PKPK gains IDR 5.82 billion and reduces its debt-to-equity ratio.

At the end of December 2021, PKPK was reportedly no longer affiliated with RVH after RVH’s shareholders transferred their portions to PT Deli Pratama Batubara (DPB). Thus, last February, PKPK’s shares amounted to 600 million units, 50.09% of which belonged to DPB. Then, public investors got their hands on the remaining 49.91%, owning less than 5% each. (LK/ZH)

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