After Doing Private Placement, PANI Bank Lahan Owned Capai 1,850 Ha

Blank Land (Photo: Antara)

JAKARTA PT Pantai Indah Kapuk Dua Tbk (PANI) revealed that it now has a land bank of 1,850 hectares after completing two series of additional capital without pre-emptive rights (PMTHMETD) of IDR 6.5 trillion.

Meanwhile, the total number of new shares issued is 1,256,445,500 shares, where the exercise price determined by the management above the applicable provisions is IDR 5,200 per share.

Pantai Indah Kapuk Dua Corporate Secretary, Christy Grassela said the funds obtained through PMTHMETD I and II were used for the expansion of PANI's business through its 99.9 percent subsidiary, namely PT Panorama Eka Tunggal by adding a 232 ha land bank in PIK2 which is intended for commercial and residential projects in the future.

"Currently, PANI is consolidating its total land bank to 1,850 hectares," he explained at the 2024 Public Expo Live, Wednesday, August 28.

Christy explained that Panorama Eka Tunggal had purchased 232 hectares of land in two villages, namely Lemo Village and Kampung Besar, Tangerang, Banten.

"So if we divide the average per meter of land whose costs are incurred by Panorama itself, it is very minimal, where we can sell, manage it, develop it to become a home and commercial project with a much higher margin of finance than the cost of the acquisition," he said.

Meanwhile, Christy conveyed that the distribution of PMTHMETD proceeds was carried out through the issuance of new shares purchased by PT Multi Artha Pratama.

"We deposited cash funds through Multi Artha Pratama, of which two controlling shareholders themselves deposited cash through Multi Artha Pratama, then issued PMTHMETD of IDR 6.5 trillion and channeled it to Panorama and became the land bank of 232 hectares," he explained.

This was carried out twice, which includes:

- PMTHMETD I: 787.43 million shares with a nominal price of Rp100. The date of implementation is August 19, 2024 and the date of listing August 20, 2024.- PMTHMETD II: 469.01 million shares with a nominal price of Rp100. The date of implementation and recording is on 22 23 August 2024, respectively. Meanwhile, the exercise price of both is Rp5,200 per share. Thus, the total transaction value is Rp6.53 trillion.

In addition, PANI is targeting a pre-sale target of IDR 5.5 trillion in 2024. Where in the first semester of 2024, the company has reached 60 percent of the target with a composition of 49 percent of pre-sales of commercial lots, 27 percent of housing, and 24 percent of commercial products.

As for 2024, PANI has 14 new projects that have contributed to the company's pre-sales target, consisting of 8 housing projects and 6 commercial projects.