JAKARTA – PT Jakarta Investindo Indonesia (JII) placed a capital investment in PT Lotte Land Sawangan (LLS) worth IDR 131.04 billion and also sold its land to LLS for IDR 365.27 billion.
Erick Wihardja, President Director of PT Pakuan Tbk (UANG), the parent company of JII, mentioned that LLS is a joint venture made by JII and Lotte Land Indonesia. “LLS’s shareholders’ portion is split into 30% and 70%,” he said in the information disclosure quoted Friday (23/9).
Both companies are affiliated due to shared investors and directors between JII and LLS. The value of this investment and divestment to LLS are worth 11.55% and 32.19% of the company’s total equity reported in December 2021 of IDR 1.13 trillion.
JJI has 227,169 m2 of land in Bojong Sari, Depok, West Java. Then, 104,363 m2 of it is sold to LLS in order to support a property project. Said residential area development is deemed beneficial for UANG’s property project portfolio and its future revenue. (LK/ZH)