JAKARTA - PT Putra Adhi Prima (PAP), a subsidiary of PT Agung Podomoro Land Tbk (APLN), has reportedly divested its assets in Ciawi, West Java, to PT Bangun Loka Indah (BLI) in order to boost its cashflow.

Noer Indradjaja, Vice President Director of APLN, mentioned that the divested assets are Hotel Pullman Ciawi Vimala Hills Resort Spa & Convention as well as other assets in the form of land plots.

“The document signing regarding the transaction took place yesterday (14/11),” Indradjaja mentioned in the information disclosure quoted Monday (18/11).

According to Indradjaja, asset divestment will boost cash and lower debt expenses. As of September 30, 2024, APLN’s cash and cash equivalent was recorded at IDR 1.06 trillion, up from IDR 768.38 billion as of December 2023.

In addition, this company booked current assets of IDR 11.17 trillion and non-current assets of IDR 15.96 trillion, bringing total assets to IDR 27.14 trillion.

Meanwhile, short-term liabilities were recorded at IDR 4.63 trillion, followed by long-term liabilities of IDR 9.2 trillion, totalling IDR 13.91 trillion. (LK/ZH)