Jakarta - PT Bakrieland Development Tbk (ELTY) has officially acquired 100% of the shares of PT Graha Istana Nirwana (GIN), the manager of Aston Sidoarjo City Hotel & Conference Centre. 

This acquisition was carried out through its subsidiary, PT Mutiara Masyhur Sejahtera (MMS), with a debt conversion mechanism of IDR 93.6 billion into a capital deposit.

ELTY's Corporate Secretary, Harsya Novwan, explained that this move aims to strengthen the company's recurring income through hotel room rentals and food and beverage sales.

The acquisition was carried out in two stages. The first stage amounted to IDR 12.5 billion through the transfer of 12,500 GIN shares from PT Karunia Makmur Anugerah and PT Karunia Makmur Bahagia with a nominal value of IDR 1 million per share.

‘The second phase, amounting to IDR 81.18 billion, was converted into 624,500 new series GIN shares at a price of IDR 130 thousand per share,’ Mr Harsya explained in a stock exchange filing on Thursday (26/12). 

He also emphasised that this transaction is not a material or affiliated transaction. ELTY is optimistic that this investment will increase its long-term revenue contribution. (DK/LM)