The Conglomerate Hary Tanoesoedibjo Needs IDR 2 Trillion To Develop MNC Lido City For The 2020-2021 Period

Conglomerate Hary Tanoesoedibjo. (Photo: Doc. Antara)

JAKARTA - Property developer PT MNC Land Tbk will use funds from the Capital Increase Without Pre-emptive Rights (PMTHMETD) or private placement to develop the Special Economic Zone (SEZ) of MNC Lido City.

The company needs a working capital of IDR 2 trillion to develop projects in the MNC Lido City SEZ in the 2020-2021 period. This was stated by the Director of MNC Land Alex Wardhana in information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Monday, June 21.

"The current focus of development is the development and construction of advanced infrastructure and other necessary activities", said Alex.

However, the issuer codenamed KPIG has not provided further information regarding the stages of implementing the PMTHMETD or prospective investors. Previously, the company owned by the conglomerate Hary Tanoesoedibjo announced that it would issue new shares with a nominal value of IDR 100 for a maximum of 8.06 billion shares.

This portion is equivalent to a maximum of 10 percent of the total issued and fully paid shares in the company. The Extraordinary General Meeting of Shareholders (EGMS) to request the approval of shareholders to carry out the corporate action will be held on June 25, 2021.

The development of the MNC Lido City SEZ which covers an area of 3.000 hectares is said to be carried out in stages. Several projects that are being and will be implemented in the next 3-5 years include the PGA standard 18-hole golf course along with the construction of a clubhouse, Lido Lake Resort Extension, Lido Music and Arts Center, Lido World Garden, and MNC Park - Theme Park with international standards. first in Indonesia.

MNC Land will also use other funding from banks apart from a private placement to work on these projects. Also Read: Build MNC Lido City SEZ, KPIG Will Private Placement 8.06 Billion Shares Alex said during this pandemic the company is still continuing to build a number of projects in Lido City SEZ including the construction of golf courses, resorts, and playgrounds, to land preparation at MNC Park and the Lido Music and Arts Center.

"Along with the reduction in activity restrictions in 2021, the company accelerates the construction of these projects so that project completion is expected to continue in accordance with the predetermined completion target", said Alex.

Meanwhile, MNC Lido City SEZ is a 3.000-hectare integrated residential, commercial, tourist destination, and resort development project located in Lido, West Java.