JAKARTA. PT Puri Global Sukses Tbk (PURI) has transferred the mechanical, electrical, and plumbing (MEP) work contract of The Monde City Apartment, Batam, to one of its affiliates.

“The company requires assistance from a contractor for the apartment construction work in Monde City project, and PT Putra Global Sukses (PGS) is willing to carry out the work,” said the management of PGS in the information disclosure.

PGS has reportedly signed an agreement with PT Puri Karya Bersama (PKB) as PURI’s subsidiary that develops The Monde City Apartment. The contract value agreed upon by PKB and PGS is IDR 15.07 billion.

“The company’s business development requires a more competitive efficiency support in order to generate a more optimum business margin amidst the fierce business competition,” the management of PURI explained.

According to IDNFinancials data, PGS is a business entity directly owned by PT Bumi Kreasi Baru (BKB). Furthermore, BKB is the owner of 78.80% of PURI’s shares.

Nevertheless, this affiliate transaction is not categorised as a material transaction as regulated by Financial Services Authority (OJK), as the contract value does not exceed 20% of PURI’s total equity. (KR/ZH)