JAKARTA. PT Pakuwon Jati Tbk (PWON), a property and real estate company, has acquired a piece of land for IDR 302.8 billion in Semarang, which will be developed into a superblock area. 

Minarto, Director of PWON, revealed that said piece of land has an area of 12.9 hectares. For the first development phase, the company will prepare the area for retail mall, hotel, and apartment. 

PWON acquires this land through one of its subsidiaries, PT Pakuwon Permai. The selling party is revealed to be PT Putra Wahid Sejahtera and three individual owners unaffiliated with the company.

"The plan for superblock development in Semarang will reinforce the base of the company's growth, which originates from the increase of revenue, as well as cash flow of the company," Minarto mentioned in the information disclosure in Indonesia Stock Exchange (IDX). 

According to IDNFinancials data, PWON recorded cash and cash equivalent of IDR 7.31 trillion as of June 30, 2023. Total assets of the company were recorded at IDR 31.58 billion, while the total equity was worth IDR 21.67 trillion. (KR/ZH)