JAKARTA. PT Urban Jakarta Propertindo Tbk (URBN), a property and real estate developer, has set up 2 new subsidiaries to support its core business.

Jeanny L. Wullur, Corporate Secretary of URBN, revealed the names of both subsidiaries: PT Urban Land Development (ULD) and PT Urban Highrise Development (UHD).

“The purpose of this subsidiary establishment is to support the company’s business activities,” said Wullur in the official statement.

ULD is formed with an authorised capital of IDR 10 billion, as well as paid-up capital of IDR 2.5 billion. Similarly, UHD is also established with an authorised capital of IDR 10 billion and paid-up capital of IDR 2.5 billion, as well.

URBN only has 1% direct ownership in ULD and UHD, while the remaining 99% belongs to PT Urban Jakarta Komersial.

According to IDNFinancials data, URBN recorded cash and cash equivalent of IDR 18.77 billion as of March 31, 2024. Total assets clocked up to IDR 4.13 trillion, and total equity was IDR 2.05 trillion. (KR/ZH)