JAKARTA. PT Astra Land Indonesia (ALI), the property line of PT Astra International Tbk (ASII), has channelled extra capital of IDR 524.3 billion to PT Bhumi Prama Arjasa (BPA).

Said extra capital is channelled alongside the issuance of 47,048 new shares by BPA with transaction value of IDR 11.14 million each. The entire new shares are taken over by ALI.

With this additional capital, ALI’s portion in BPA rises to 97.76% from the previous 96.92%. The remaining portion belongs to other shareholders unaffiliated with Astra Group.

“This transaction is carried out to provide financial support for BPA, which will then be used by BPA for its corporate needs,” said the management of ASII in the official statement.

For the record, ALI is one of Astra Group’s business lines engaged in the property sector. Throughout 2023, Astra Group’s property business line scored net profit of IDR 142 billion, up 10% year-on-year (yoy).

It is worth mentioning that BPA is a company that owns and manages Mandarin Oriental Hotel, Jakarta. Previously, it was known as PT Jaya Mandarin Agung (JMA). In July 2023, ALI acquired JMA’s shares with total transaction value of USD 85 million or approximately equal to IDR 1.27 trillion. (KR/ZH)