JAKARTA - PT Pakuwon Permai (PP), a subsidiary of PT Pakuwon Jati Tbk (PWON), is acquiring a land of 52,040 hectares (Ha) in Semarang, Central Java, worth IDR 121.7 billion. Over said acquired land, which is still under the second phase of acquisition, will be erected a superblock district.

Minarto, Director of PWON, said that the acquired land will be developed into a retail mall, hotel, and apartment. “The fund for this acquisition originates from the internal cash of the company,” he said, as quoted from the information disclosure today (10/6).

PWON acquires said land from PT Putra Wahid Sejahtera (PWS) and a private land owner, both non-affiliates of the company.

As of December 2023, this issuer booked current assets of IDR 13.05 trillion, including cash and cash equivalent of IDR 7.59 trillion. Meanwhile, non-current assets were recorded at IDR 19.65 trillion. PWON reported revenue of IDR 6.2 trillion and current year’s net profit of IDR 2.38 trillion in 2023. In 2022, its revenue and profit were only IDR 5.98 trillion and IDR 1.83 trillion, respectively.

On August 8, 2023, this company also reportedly purchased a land of 12.9 Ha in Semarang for IDR 302.8 billion from PWS and three private land owners. (LK/ZH)