JAKARTA. PT Suparma Tbk (SPMA), a pulp & paper company, has purchased 1,174 square meters of land located in Tangerang, Banten.

The land was purchased from Welly, President Commissioner of SPMA. The price agreed upon by the company and the seller for the land is IDR 2.36 billion.

"The party conducting the transaction has an affiliation relationship," said Hendro Luhur, Director of SPMA.

Luhur added that SPMA would build a new warehouse that would store the company's products in the Jabodetabek area. "The expansion of the warehouse will support increased product availability in meeting demand from consumers, especially the Jabodetabek area," said Luhur.

According to idnfinancials.com data, SPMA had cash and cash equivalents of IDR 315.17 billion as of September 30 2022. Meanwhile, the company's total assets were recorded at IDR 3.21 trillion. (KR/LM)