JAKARTA. PT Panorama Eka Tunggal (PET), a subsidiary of PT Pantai Indah Kapuk Dua Tbk (PANI), has reportedly acquired land of its affiliates, PT Karya Indah Raya (KIR) and PT Wahana Utama Karya (WUK).

There are 10 pieces of land bought by PET from KIR and WUK, totalling to 63,382 square metres. The transaction value of this land acquisition is IDR 158.46 billion.

For the record, KIR and WUK are enterprises under PT Alam Sedayu Makmur (ASM), 99% of which is under the control of PT Agung Sedayu (AS).

According to IDNFinancials data, AS is the owner of 50% of PT Multi Artha Pratama (MAP). MAP itself is the primary shareholder of PANI, recording ownership of 88.07%.

“The transaction involves affiliates, not other third parties, considering how land plots of KIR and WUK bought by PET could increase and expand the scale of the company’s project due to its location being not far from the location of the company’s project,” the management of PANI explained in its official statement. (KR/ZH)