JAKARTA - PT Graha Mitra Asia Tbk (RELF) is allocating IDR 56 billion to acquire a piece of land in Semplak Barat, Kemang, Bogor, West Java. The proceeds will be taken out of the proceeds of its initial public offering (IPO) that is held from June 15 to 20, 2023.

Quoted from the prospectus today (15/6), the area of the land in question is 40,288 m2. The land will be acquired based on the letter of release of land title for private interests and the letter of building use rights expired on January 26, 2047. The selling party, PT Relife Realty Indonesia (RRI), is an affiliate of RELF.

Over said land, RELF will erect the Greenland Forest Hill property project, consisting of 300 units of houses.

In its IPO, RELF will issue 1.2 billion shares of IDR 25 each. The offering price set for this corporate action is IDR 90 per share, meaning the raised funds might reach IDR 108 billion. (LK/ZH)