Plaza Atrium Alami Is Bankrupt, Here's The Profile

The owner of Plaza Atrium (PT Cowell Development Image)

YOGYAKARTA - Property developer in Indonesia, PT Cowell Development Tbk., officially released one of its shopping centers, Plaza Atrium Senen located on Jalan Senen Raya, Central Jakarta. So what is the profile of the owner of Plaza Atrium?

Cowell Development (COWL) was founded on March 25, 1981 under the name PT Internusa Artacipta which focuses on developing high-end property. Also, PT Gama Nusapala became Cowell's shareholder with 50 percent ownership of shares in 2000.

After that in 2005, his name was changed to PT Cipta Karya Putra Indonesia, in line with the change of ownership. In 2007, the Company carried out the Initial Share Offer (IPO) and changed its name to PT Cowell Development Tbk. In 2012, Cowell acquired 99.98 percent ownership of PT Plaza Adika Lestari (PAL), making him the majority shareholder.

Cowell himself has completed several projects in the country. In 1984, the company increased Melati Mas Residence, which was first known as Villa Melati Mas, a residential area in Serpong, South Tangerang. The company is expanding its activities to apartment projects and commercial buildings.

Among other things, the modern housing environment in Serpong, Serpong Park, Borneo Paradiso in Balikpapan, and Westmark Apartment in West Jakarta which was raised by its subsidiary PT Sandi Mitra Selaras.

Exploring the acquisition of 99.99 percent of PT Satria Heritage Permata Perkasa's shares, Cowell is working on the development of theengka Residence Apartment in South Jakarta.

Not only that, the Company is also working on the development of The Oasis Apartment in Cikarang, after exploring the acquisition of 99.99 percent of PT Nusantara's shares, Prospesindo Sukses.

Declared Bankrupt

As previously reported, PT Cowell Development Tbk. was cut off by the Central Jakarta Commercial Court in July 2020. At that time, the Director of Cowell Development, Pikoli Sinaga, said that his group regretted the attitude and decision of the plaintiff's creditors in sorting out to sue for bankruptcy rather than making peace through various peace proposals.

However, the company wants to make maximum efforts to pay off obligations to creditors and maintain all employees even though the financial burden is getting heavier.

Pikoli Sinaga, Corporate Secretary OF COWL, said that on August 16, 2023, the company will conduct significant asset sales.

"There was an execution of the management rights of the Plaza Atrium Triangle building Monday by Euro Tanada as the guarantee holder for the facilities provided by PT Bank QNB Indonesia Tbk. as well as Qatar National Bank (Q.S. C) Singapore Branch sourced in the Deed of Receivables (Cessie) between QNB Indonesia, Tbk and Qatar National Bank (Q.S. C) Singapore Branch with PT Euro Tanada Number. 49 coincided on March 27, 2023 made in front of Indrasari Kresnadjaja, S. H., Meter. Kn notary in South Jakarta," he explained in a data disclosure on the Indonesia Stock Exchange, Monday (18/9/2023).

As a result of the release of Atrium Senen for COWL, namely a significant reduction in income. Meanwhile, COWL also has the potential to be delisted from the listing of shares on the Indonesia Stock Exchange (IDX) after the suspension of its share transactions has reached 3 years.

Suspension while the COWL share transaction was inaugurated on July 13, 2020, was sourced in the announcement of the Peng-SPT-00016/IDX. PP3/07- 2020 and Exchange Regulation No. I on Delisting and Relisting of Shares on the Exchange.

Referring to these regulations, the Exchange can remove the industrial impact if the issuer faces a situation or event that significantly results in a negative impact on business continuity, either financially or legally and there are no symptoms of adequate recovery.

As is known, IDX temporarily suspended COLL's share transactions in all impact markets after the company found that the application for financial bankruptcy statement and the Suspension of Debt Payment Obligations (PKPU) at the Central Jakarta State Court (PN) and was cut off. As a result of this suspension, COWL's shares have only been traded in the negotiated market in the last 24 months.

The COWL suspension period has reached 24 months on July 13, 2022, and has the potential to be removed from the stock exchange. Along with this matter, Harijanto Thany has resigned as President Commissioner of COWL on June 28, 2022. At this time, the board of commissioners is only filled with Adam Mingkay as an independent commissioner. There is also Irwan Susanto as the President Director and Pikoli Sinaga as Director.

COLL's share ownership consists of PT Gama Nusapala 71, 12 percent of the 4.871.214 shares issued by the company.

Next is Feral Investment Inc 14, 35 percent and Earvin Limited by 8, 12 percent and the rest by 6, 41 percent.

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