JAKARTA - PT Pembangunan Perumahan (Persero) Tbk (PTPP) plans to divest or release assets and shares of its subsidiaries. This step was taken to reduce the company's debt and interest burden.
PTPP President Director Novel Arsyad said this year the company will restore business focus to the construction sector. On the other hand, the company will also restructure its subsidiary and manage its portfolio by taking into account the precautionary principle.
"So, the point we have to do after we study in more detail what makes debt or interest expense quite high is that in the investment area it is not prudent enough to do well," he explained at the Hearing Meeting (RDP) with Commission VI at the Parliament Complex, Senayan, Jakarta, Tuesday, July 15.
According to Novel, the potential for the construction business still produces gross profits quite well and is able to support the current condition of the company. He said the divestment was targeted at IDR 3.06 trillion.
Some of the divestments targeted include the company's subsidiaries, namely PP Infrastructure divestment of 99.2 percent. The Infrastructure PP is engaged for 7 main sectors, including water management through the Drinking Water Supply System (SPAM), telecommunication infrastructure, toll roads, gas network infrastructure, logistics, industrial areas to ports.
Then, the divestment of Centurion Perkasa Iman 67.8 percent. One of the subsidiaries of PTPP is engaged in the Surabaya regional hospitality sector.
Furthermore, PT Celebes Railway Indonesia (CRI) is 47.81 percent. CRI is a subsidiary of PTPP which is engaged in the railway line development sector in Maros, South Sulawesi.
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Finally, the divestment of PT PP Semarang Demak is 45.6 percent. The subsidiary is running the construction of the Demak Semarang Toll Road.
The plan is for the company to divest in 2027. Given, currently the toll construction work is still ongoing.
"This is a divestment strategy that can reduce debt quite large and will later improve our financial structure, the ratios in PTPP," he concluded.
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