JAKARTA. PT Sepatu Bata Tbk (BATA) has divested its assets, in the form of land and building in South Jakarta titled Graha Bata, with transaction value of IDR 64 billion.

The Management of BATA said that this land and building were previously utilised as head and administration office of the company. However, recently, there has been many vacant spaces as the number of employees decreases.

In the official statement, the management of BATA expects that this asset divestment will be able to minimise risk of nonproductive assets, which does not made optimum contribution to the company. In addition, the management of BATA said, the proceeds of this asset divestment may increase its liquidity and lower the financial expenses of the company.

The buying party in this transaction is PT Simatupang Jaya Realty (SJR). The management of BATA said that the company is not affiliated with SJR. 

According to IDNFinancials data, BATA booked a loss of IDR 20.44 billion in 2022. Within the first 9 months of 2023, its loss grew nearly threefold to IDR 80.65 billion.

Meanwhile, the company's liabilities in 9M 2023 also increased 10% yoy to IDR 445.06 billion from the previous IDR 404.3 billion seen in 2022. (KR/ZH)