Thursday, October 27, 2011

PT Royal Oak Development Asia Tbk Will Acquire 3 Property Companies

PT Royal Oak Development Asia Tbk (RODA) which is now renamed PT Pikko Land Tbk, admitted carrying out an assessment with several property companies. Later this year, WHEELS hoping to acquire two to three property companies.

"We expect the total value of about Rp 500 billion. That year the company acquired the property along with land and assets," said Chief Executive Officer (CEO) Pikko Group Nio Yantony, after the Extraordinary Meeting Shareholders , Wednesday (26 / 10).

Later, said Nio, the funds to launch a corporate action is obtained from the remaining funds divestment of subsidiaries, shareholders, and bank loans. According to him, today it is conducting an assessment with a number of local financing banks, both private and state owned enterprises. However, he was reluctant to reveal banking anywhere.

"The rest of the divestment of around Rp 200 billion right again, now for the acquisition of the remaining Rp 500 billion will be met from the banks," he said.

He presented, one of the properties to be acquired by the company has projects in the area of ​​integrated Sahid, Sudirman. Later, the project will be converted into a office building. "Later we will give the name Sudirman Center that will we build a 53 floor office tower and its location was still in the complex Sahid," he said. Unfortunately, he did not disclose two other property companies.

He further said, the company's third acquisition of the property is a series of plans that target company could acquire about ten property companies this year. He said previously the company it had acquired seven properties valued at Rp 512 billion.

As is known, the company has divested its 99.86% stake, or about 799 million shares of PT to PT Transpacific Mutual Capita Swadayanusa Kencana Raharja the middle of this year. Divestment was done wrestling company to focus on business property.

According to him, such a move was appropriate, given the property has a promising business prospects in line with Indonesia's economic growth is stable.

Transpacific Mutual is a subsidiary company engaged in insurance, financial, and property. Of action the divestment, the company scooped fresh funds worth Rp 730 billion and is still remaining Rp 218 billion.

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