JAKARTA. PT Vastland Indonesia Tbk (VAST), a warehouse developing company, has reportedly acquired land and building in a form of a warehouse in Tangerang for IDR 97.5 billion.

This land and building are purchased by VAST from PT Biwel Sukses Bersama (BSB). Stanley V. Gunawan, Director of VAST, confirmed that the company is unaffiliated with BSB.

The deed of BSB’s land and building purchase was signed by VAST on December 12, 2023. On the same day, VAST was granted long-term loan facility by Bank Panin to fund warehouse acquisition with a 10-year tenor. In addition, the company also secured revolving loan credit facility for enhancing its working capital and supporting other expansion with one-year tenor.

Gunawan further mentioned that these latest transactions will promote business expansion in new territory. “The financial situation of the company is projected to show satisfactory performance, with the potential to increase the company’s revenue significantly,” he added.

According to IDNFinancials data, VAST recorded revenue of IDR 18.88 billion within the first nine months (9M) of 2023. Meanwhile, the net profit was reported at IDR 8.95 billion. (KR/ZH)