The Owner Of Kota Kasablanka Mall Buys Hartono Malls In Yogyakarta And Solo, And Costs IDR 1.36 Trillion

Photo: Doc. Hartono Mall Yogyakarta

JAKARTA - A corporate action was carried out by property company PT Pakuwon Jati Tbk. The issuer coded as PWON through its subsidiary purchased 3 property assets consisting of 2 shopping centers and 1 hotel in Yogyakarta and Solo.

For this transaction, the company that owns the Kota Kasablanka Mall has spent up to IDR 1.36 trillion. Quoted from Pakuwon's disclosure of information on the Indonesia Stock Exchange (IDX) website, Monday November 30, Director and Corporate Secretary Pakuwon Jati Minarto Basuki said the company's reason for conducting the transaction was to diversify the geographic business outside Surabaya and Jakarta.

"Geographical diversification to obtain a potential new growth base outside of Surabaya and Jakarta," said Minarto.

The assets purchased by Pakuwon, said Minarto, were Hartono Mall Yogyakarta, Hotel Marriott Yogyakarta, and Hartono Solo Baru. The three assets were previously owned by PT Delta Merlin Dunia Properti as the building owner and Sumitro as the land owner.

Delta Merlin Dunia is an entity of the Duniatex Group. The sale and purchase transaction was carried out by Pakuwon Jati through their subsidiary, namely PT Pakuwon Permai.

Photo: Doc. Hartono Mall Solo

Pakuwon owns 67.13 percent of shares in the subsidiary. As for the Rp1.36 trillion fund, according to Minarto, came from the company's internal cash.

With the additional 3 property assets, Pakuwon's portfolio as one of the leading property companies in the country is increasingly diverse. Recurring income or the company's recurring income will be even greater in the future.

Just so you know, Pakuwon already has Tunjungan Plaza, Pakuwon City Mall, Gandaria City Mall, Kota Kasablanka Mall, Pakuwon Mall. Royal Plaza, Blok M Plaza, Ascott Waterplace Surabaya, and Somerset Berlian serviced apartments.

"The addition of the portfolio above is that properties are in operation, which will further strengthen the company's growth base from increasing recurring income and company cash flow for the coming years," said Minarto.

For the record, Pakuwon experienced a decline in performance in terms of net profit throughout the third quarter of 2020. The company posted a profit for the current period attributable to owners of the parent company of IDR 600.69 billion or a decrease of 72 percent, compared to the achievement in the previous same period of IDR 2 15 trillion.

The decline in profit was due to a decrease in income by 41.87 percent to Rp3.04 trillion in the third quarter of 2020. In the same period in 2019, Pakuwon recorded revenues of Rp.5.24 trillion.