JAKARTA - PT Inti Cakrawala Citra (ICC), a Salim Group company, is acquiring a land of 18,290 hectares (Ha) for IDR 80 billion in Padalarang, West Java, from PT Falmaco Nonwoven Industri Tbk (FLMC). The selling party is unaffiliated with ICC.

From the information disclosure quoted today (13/6), ICC is known to be engaged in the wholesale business with a capital worth IDR 339.91 billion or 339,919 shares. Shareholders consist of PT Indomarco Perdana of 87.96%, PT Indotracosakti Sempurna of 6.04%, and Axton Salim of 6%.

In the meantime, FLMC is selling its land in order to pay its obligations to Handoyo Guntoro, a third party that has taken over accounts payables from PT Delta Investama Indonesia (DII) on May 8, 2023. With the obligations fulfilled, the company will be able to operate without any interest expenses, and its cash flow can be focused on business activities.

Total transaction value reaches IDR 80 billion, which is equal to 94.44% of total equity of the company in December 2023 of IDR 84.70 billion. (LK/ZH)