Homologation Achieved, PP Properti Enters Recovery Phase

JAKARTA - PT PP Properti Tbk (PPRO) managed to get the majority support of creditors for the restructuring scheme proposed at the vote meeting on the process of Postponing Debt Payment Obligations (PKPU) on Monday, February 17.

During the meeting, the voting results stated that 99.15 percent of the total concurrent creditors and 100 percent of the total separatist creditors (banks) had approved the restructuring scheme. The results of the voting have also been ratified through a homologation decision by the Commercial Court at the Central Jakarta District Court.

This momentum is a turning point for PPRO to strengthen business strategies, ensure operational sustainability and recovery of company performance. PPRO believes that this PKPU process provides legal certainty for all creditors to get payments and also provides legal certainty for PPRO in running its business and can refocus on asset optimization, operational efficiency, and long-term growth strategies.

PPRO President Director, Andek Prabowo, said that this decision marked the end of PKPU and returned PPRO to normal operational conditions.

This homologation is the result of a strong commitment from management and all stakeholders to maintain business sustainability. With this decision, in the future we can focus on evaluation and strategic improvement in order to strengthen the company's competitiveness. This is the first step for the recovery of PPRO performance," he said.

PPRO emphasized that all business and operational activities will continue to run normally as they should. Management is committed to implementing a restructuring strategy that has been designed to strengthen the company's business fundamentals.

"We express our gratitude and appreciation for the positive support from all creditors so that PPRO can go through the PKPU process conducively and in accordance with applicable regulations. We are optimistic that PPRO can make another achievement and make a positive contribution to the property sector in Indonesia," added Andek.

Andek also said that the PPRO management really appreciates the positive support given by all creditors. Thanks to this support, PPRO has been able to pass the PKPU process smoothly so far, where each stage runs in a conducive manner and in accordance with applicable regulations.

In the future, PPRO is optimistic that it can continue to innovate and increase efficiency in its business management, focusing on sustainability growth and increasing value for PPRO shareholders and business partners.