JAKARTA. PT Era Graha Realty Tbk (IPAC), the real estate company holding the ERA brand in Indonesia, has acquired shares in PT Era Pro Realty (EPR).

Darmadi Darmawangsa, President Director of IPAC, said that his party allocated funds amounting to IDR 2.99 billion for the acquisition of EPR. "The aim of the acquisition is to expand business," said Darmawangsa, in an information disclosure on the Indonesia Stock Exchange (BEI).

Darmawangsa added that the acquisition was carried out at the same time as additional paid-in capital of 11 shares from EPR's shares. This caused IPAC's share ownership portion in EPR to increase to 31 shares or the equivalent of 50.81%.

Meanwhile, the remaining 30 EPR shares are owned by Yongky Karyadi Tan.

For the record, the EPR acquisition was funded by IPAC's internal cash. On the same occasion, Darmawangsa emphasized that IPAC has no affiliation with EPR.

According to idnfinancials.com data, ERAA had cash and cash equivalents of IDR 28.62 billion as of June 30, 2023. The company's total assets were recorded at IDR 38.33 billion and its total equity was IDR 30.72 billion. (KR/LM)