Alam Sutra Acquires Land from Affiliated Minami Indonesia

Indonesia Finance

Tuesday, 26 July 2011 09:05

Theindonesiatoday.com - Property giant PT ^{Alam Sutera Realty} (^ASRI) Tbk had in July 22, 2011 acquired four lands owned by its affiliate PT ^{Minami Indonesia}, located in ^{South Denpasar}, ^Bali.

The acquisition, made through its unit PT Alfa Goldland Realty, is valued for Rp199.43 billion, representing 9.03% of the company's equity which totaled Rp2.21 trillion as of December 31, 2010.

The company will build a three-star Condotel on the acquired land. Hendra Kurniawan, corporate secretary of Alam Sutera, earlier said the condotel is scheduled for operation in 2013. He said Bali still needs thousands of hotel rooms.

But he declined to provide details about investment cost for the Condotel.

Minami Indonesia is owned by PT Argo Manunggal Textile (92%) and Hungkang Sutedja (8%), who also holds 0.01% shares of Alfa Goldland.

Other shareholders of Alfa Goldland are PT Nusa Cipta Pratama (85.99%) and PT Duta Prakarsa Development (14%). Both companies are units of Alam Sutera. Other direct subsidiary of Alam Sutera is PT Delta Mega Persada.

While, Alam Sutera's shareholders are PT Tangerang Fajar Industrial Estate (16.7%), PT Selaras Citamanunggal (11.86%), PT Manunggal Prima Development (11.05%), PT Bukit Asri Padang Golf (5.94%), PT Argo Manunggal Land Development (3.97%) and public investors (50.48%). (hans@theindonesiatoday.com)

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