JAKARTA – In its mission to expand the area of Pantai Indah Kapuk 2, PT Pantai Indah Kapuk Dua Tbk (PANI), through its subsidiary, PT Panorama Eka Tunggal (PET), carries out land acquisition of 357,081 m2 of land in Teluknaga, Banten, from two of its affiliates. PANI is projected to use up nearly IDR 1 trillion for this land acquisition plan.

According to the information disclosure today (29/12), this land acquisition transaction took place on December 27, 2023. The acquired area consists of 37 land plots with a total area of 221,954 m2 owned by PT Karya Indah Raya (KIR), as well as 13 land plots with a total area of 135,127 m2 owned by PT Wahana Utama Karya (WUK).

Fully committed to its vision, the total expense borne by PANI for this land acquisition, through PET, is IDR 990.9 billion, tax included. The money came from the proceeds of PET’s capital raise, also initiated by PANI.

“In line with the company’s business strategy, the company, through PET, keeps trying to focus on expanding the company’s project scale in PIK 2 area by mapping out organic growth through the land acquisition of KIR and WUK,” said the management of PANI through the information disclosure in Indonesia Stock Exchange (IDX) today (29/12).

For the record, KIR and WUK are second-subsidiaries of PT Agung Sedayu (AS). Meanwhile, the main shareholder of PANI, PT Multi Artha Pratama, is also controlled by AS. (ZH)