BSD Optimistic That SMDM Acquisition Will Be Completed By The End Of 2024

Cooperation (Photo: dock. Unsplash)

JAKARTA - Property issuer, PT Bumi Serpong Damai Tbk (BSDE) hopes that the negotiation process with Top Global Ltd. to acquire 91.99 percent of PT Suryamas Dutamakmur Tbk (SMDM) shares will be completed by the end of 2024.

Director of BSDE Hermawan Wijaya said that the acquisition administration process is in the final stage and optimistic that payments can be completed this year or no later than next year.

"It's still not final, but we hope that this acquisition process can be completed or completed by the end of 2024," Hermawan said in a BSDE public expose on Wednesday, August 28.

According to Hermawan, if the acquisition process is complete, BSDE will automatically be the controller of SMDM later and his party will adjust SMDM's business plan in the future.

In addition, Hermawan said that the final acquisition process, with the SMDM joining the BSDE, there is a potential advantage from this acquisition, especially in terms of increasing land reserves (landbank) and diversifying the geographical market.

"SMDM owns land in Bogor, Rancamaya, Jonggol, and Cibubur, which can encourage an increase in our marketing sales in the future," he explained.

However, Hermawan said that his party did not close the opportunities that were there in the future, but he explained that at this time of course there were several opportunities that his party was exploring.