Global Land to Acquire Property Assets in Bali, East Java

StockWatch (Jakarta) - Property company PT Global Land Development Tbk (KPIG) has planned to acquire property assets in Bali and East Java for totally IDR33 billion.

The property asset to be acquired in Bali consists of land which has width of 3,700 square meters and five-story building with width of 500 square meters, while that in Surabaya also consists of land and building which has a width of 1,200 square meters.

"We expect to realize the plan next year, for it's not possible to do it this year," Global Land Development's director Antonius Tobeng said after the company's AGM on Wednesday (25/6) in Jakarta.

Tobeng said the property asset in Bali is owned by PT Investasi Karya Gemilang while the one in Surabaya by PT Swarna Citra Sentosa. For the time being, the buildings are leased by Global Land and someday the company will build new office buildings on the land areas for the two are located in the middle of the town.

During the company's AGM, the shareholders approved the management's decision not to pay dividends for the 2007 fiscal eyar as the company has planned to withhold the 2007 net profit for strengthening capital structure.

Besides, the shareholders also approved the management's plan to issue a corporate guarantee for the loan that will be taken by the company's subsidiary and the management's proposel for implementing management and employee stock option program (MESOP).

Tobeng said further that the company has finalized transaction of purchasing 24.6% stake of PT Plaza Indonesia Tbk (PLIN) through private placement. The transaction is meant as business expansion and expected to help boost the company's revenue and profit in the future.

Moroever, the company has planned to build a tower on an area of 105,000 square meters named Menara Kebon Sirih II which has 40 floors, on investment of approximately IDR400 billion.

Today, the company which was formerly named PT Kridaperdana Indahgraha Tbk operates Menara Kebon Sirih, Grand Mall Bekasi, Aston Inti Makmur and Westin Hotel in Nusa Dua (Bali)