Sunday, 21 April 2019 | 19:45 WIB

Working on Promenade Project, Intiland Forms a Joint Venture

New Joint Venture project of PT Intiland Development Tbk

JAKARTA, NETRALNEWS.COM - PT Intiland Development Tbk (DILD) is announcing that the company has formed a joint venture through the signing of Shareholders Agreement between the company, PT Galang Gema Pradana, PT Raharja Mitra Familia and Reco Promenade Private Limited. Raharja Mitra Familia is a subsidiary of Intiland while Reco Promenade is fully owned by Recosia Pte Ltd, Singapore.

Director of Intiland Ricky Holil in a public expose before the Indonesia Stock Exchange (IDX) said, Friday (8/25/2017), the agreement was signed in the framework of development of FiftySeven Promenade project at Jalan Teluk Betung Number 57, Kebon Melati, Central Jakarta.

He explained that the company's subsidiary will issue new shares from portfolio to Reco amounting to 85,020 shares.

The value of the new shares is around IDR230 billion ($16.1 million). As many as IDR85 billion will be calculated as a capital deposit and all the rest will be calculated as additional paid-in capital.

"So after the deposit of capital is done by Reco, Intiland's share ownership becomes 36.63 percent, Galang 29.97 percent, and Reco 33.40 percent," he explained.

The Reco's capital deposit worth 33.4 percent of its shareholding in Raharja Mitra Familia will be made at least three months after the agreement is signed. This is with the provisions that all prerequisite conditions have been met.

"The Company and Reco are not affiliated parties," he added.

Furthermore, Ricky said that the signing of Shareholders Agreement will give positive impact to the company both from finance side, project development and reputation. (*)