JAKARTA – PT Saraswati Griya Lestari Tbk (HOTL) postpones several plans of project development on its landbank due to lack of funding.

Tubagus Yudi Yuniardi, Corporate Secretary of Saraswati Griya Lestari, claimed that the landbank utilization plan has met its obstacle in funding. “The current performance is still affected and recovering post COVID-19,” he mentioned in the information disclosure quoted Monday (20/3).

According to Yuniardi, the company is focusing on the improvement of subsidiaries’ cashflow. Therefore, the project development plan will be picked up once the cash flow stabilises.

HOTL is known to have been under the suspension of trading activities Indonesia Stock Exchange (IDX) since August 1, 2022.

Several of the planned projects of HOTL include the ones on Bali, such as the Sarasvati Luxury Collection Hotel in Seminyak and Westin Hotel in Ubud. (LK/ZH)