JAKARTA - PT Indonesia Paradise Property Tbk (INPP), a hotel company, is selling its ownership in two subsidiaries, namely, PT Dinamika Putra Perkasa (DPP) and PT Sarana Usahajaya (SUJ).

Based on the data compiled by idnfinancials.com on Monday (5/6), this issuer sold its ownership of more than 50% in the two subsidiaries to PT Magenta Praja Raharja (MPP). The total transaction is around IDR 8.55 billion.

INPP sold 55% or 8.25 million shares in SUJ worth IDR 8.25 billion and 60% or 300 shares worth IDR 306 million. This transaction took place last week (30/5).

On (31/5), this issuer bought 50% of the shares of Nadi Hartawihardja (NH), the owner of 50% or 26,000 shares of PT Swarna Kanaka Parigraha (SKP) for IDR 26 million. There is no affiliation between INPP and NH.

According to Ispandiati Makmur, Secretary of INPP, the transaction is for business development. "The transaction needs to be carried out as a step to fulfill the business strategy being implemented," he said. (LK/LM)