JAKARTA. PT VKTR Teknologi Mobilitas Tbk (VKTR) has signed a construction agreement with PT Bakrie Construction, one of its affiliates, for a factory and office construction in Central Java.

This factory and office expansion project, initiated by VKTR, is located in Magelang, Central Java. The scope of work handled by Bakrie Construction covers mechanical engineering and building, united shop, inspection tools, vehicle warehouse, and IT system.

The value of this project is IDR 180.07 billion. “It is not a material transaction as stated in POJK No. 17/2020 as the transaction value does not reach 20% of total equity of the company,” said the management of VKTR in the official disclosure.

The project is targeted for completion within 12 months of construction. VKTR has submitted a guarantee to secure the working capital loan of Bakrie Construction. The value of the guarantee allocated to banks is IDR 155 billion.

VKTR and PT Bakrie Metal Industries has also signed an agreement of a pledge of shares. The value of shares pledged is equal to 98.23% of Bakrie Metal Industries in Bakrie Construction. (KR/ZH)