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Friday, May 27, 2011

BSD change their business activities description

27/5/2011
Irvin Avriano A.

BSD change their business activities description

JAKARTA: PT Bumi Serpong Damai Tbk (BSD), a Sinarmas Group real estate and property developer listed company, intend to change their business activities description.

It was mentioned in their extraordinary general meeting of shareholders (EGM) agenda that published in the newspaper yesterday. The meeting will be held together with its annual general meeting of shareholders (AGM) on June 10th morning at Crowne Hotel, Jakarta.

Previously, BSD consolidate with three of their group-related real estate and or property companies, namely PT Duta Pertiwi Tbk, PT Sinar Mas Teladan, and PT Sinar Mas Wisesa on November last year. The acquisition followed by rights issue worth IDR4.9 trillion.

The IDR4.35 trio acquisition made BSD credit rating improved immediately two levels by PT Pemeringkat Efek Indonesia (Pefindo) from previously idBBB+ to idA early this year.

After the acquisition, BSD owned 85.31% Duta Pertiwi stake for IDR3.47 trio, 60% share of Sinar Mas Teladan for IDR387.1 bio, and 55% Sinar mas Wisesa's shares for more than IDR500 bio. The transaction also claimed formed BSD as the biggest developer company in Indonesia.

BSD develop the the largest self-sustained area in Serpong, BSD City. Duta Pertiwi well known as developer for several ITCs and is developing several landed residential projects in greater Jakarta area such as Taman Permata Buana, Banjar Wijaya, Grand Wisata, Legenda Wisata and Kota Bunga, as well as operating Plaza BII and Le Grandeur hotels in Jakarta and Balikpapan.

Sinar Mas Teladan operates Wisma BII office buildings in Jakarta, Surabaya and Medan, while Sinar Mas Wisesa develops housing complex in Balikpapan.

BSD predict their revenue could be grow 83.35% to IDR1.3 trio after acquisition from initially IDR709 bio without it.

This year, the company that commandeered by Harry Budi Hartanto eyes net profit IDR700 bio. The sales target set at IDR4 trio level, while the revenue IDR2.7 trio.

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