Intiland to divest IDR800 billion assets: Pakuwon targets IDR1.1 trillion revenues

Wednesday, 30/06/2010 00:00 WIB

Intiland to divest IDR800 billion assets: Pakuwon targets IDR1.1 trillion revenues

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: Integrated developer PT Intiland Development Tbk aims to tap IDR800 billion from the divestment of noncore assets, inventory, and matured assest this year.

President Director of Intiland Lennard Ho said the targeted proceeds from the asset divestment equals to the double sales last year and it will be allotted for the corporate expansion.

"Our strategy is to divest the matured assets which have less gains and noncore assets. We hope the divestment value here will reach IDr800 billion this year," he said after GMS and public expose in Jakarta yesterday.

Some assets for the divestment here includes the remaining 5.3 hectares plots of areas of Taman Semanan Indah in Jakarta and 5.5 hectares areas of Graha Famili in Surabaya. The divestment proceeds will be allocated for more benefiting project.

Corporate secretary of Intiland Theresia Rustandi added the company has sold assets of Graha Residen worth IDR170 billion. The divestment here completes the corporate strategy to boost up income other than building leasing post.

This year the company prepares some projects such as Park Re-sidences, and condominium in Gandaria, Kebayoran Baru, Jakarta. The company targets the third tower release in quarter III/2010 after the previous two towers in February 2010 and sold 70 percent.

In Surabaya the company develop green concept residential at 100 hectares plots of land and 25 hectares have been developed as the first stage. The other project is located at 7 hectares areas in TB Simatupang, Jakarta, released next week.

In the EGMS, the Intiland shareholders agreed to have stock split with 1:2 ratio. The nominal shares are then affordable as from DIR500 per unit into IDR250.

Director for Capital and Investment Management of Intiland Archied Noto Pradono said the action will double increase the floating stocks as from 5.1 billion units into 10.2 billion. "The stock split is to increase the corporate liquidity," he said.

Meanwhile, the management of apartment and middle upper class super block based in Surabaya PT Pakuwon Jati Tbk decided the revenue this year increased by 57.37 percent as from IDR697.38 billion into IDR1.1 trillion along with the declining global bonds.

Director of Pakuwon Jati Minarto Basuki is optimistic the target can be realized as the company has paid some of the global bonds issued by the subsidiary firm, Pakuwon Jati Finance BV, worth US$110 million in 2006, and the rest is swapped to bank loans.

The company could book net profit this year along with the revenue or 57.73 percent as from IDR146.62 billion proceeds last year. (Bisnis/iaa/ags)