Sentul City's Shareholders Approve Unit Sale to Bakriland

Indonesia Finance

Wednesday, 23 June 2010 07:27

Property developer PT Sentul City said its shareholders has agreed on the annual general meeting on Tuesday to sell a 39 percent stake in its unit PT Bukit Jonggol Asri to PT Bakrieland Development.

Charles Sidik Jonan, Sentul City's president director, said, as quoted by news portal detikfinance.com, that Bakrieland which become strategic investor for Bukit Jonggol will buy as much as 1.28 billion new shares issued by Bukit Jonggol at a price of Rp 1,500 per share, or Rp1.92 trillion in total.

Bukit Jonggol's new shares issuance totals 1.41 billion shares. The remaining 135 million new shares will be absorbed by Sentul City, with transaction value expecting for Rp 202 billion.

Currently, Sentul City holds a 88.56 percent stake in Bukit Jonggol. After the sale, its stakeholding in Bukit Jonggol will be diluted to 49 percent while Bakrieland will hold majority shareholding at 51 percent.

Bukit Jonggol will use the funds from its own share sale to acquire land from Sentul and others.

Bukit Jonggol, which has secured rights to develop a township in West Java, has so far bought less than half the land for the proposed development.

Bakrieland will seek its shareholders' approval on Bukit Jonggol's stake purchase at its shareholder meeting scheduled for June 25.

Adrian Budi Utama, Sentul City's director, said Bukit Jonggol has 11,021.32 hectars of land banks and plans to acquire 500.39 hectars of land banks owned by Sentul City and will also acquire 1,393.68 hectares of land banks in Jonggol area.

He said Sentul City will also invite other investors to help developing Jonggol area that would cost up to Rp 5 trillion.

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