JAKARTA - PT MNC Land Tbk (KPIG) has disposed of its assets worth IDR 5.5 trillion in Bali to fund the Bali subway project.

The assets were sold to PT Bumi Indah Permai (BIP). The transaction is targeted to be completed by January 2025.

Later, BIP will use the assets for the construction of the Bali Urban Rail and Associated Development (Bali Subway) project. “We are optimistic that in the future this project will be a major catalyst in reducing traffic congestion, increasing tourism attractiveness, and significantly improving Bali's economy,” said Budi Rustanto, President Director of KPIG, in his official statement.

For information, the Bali Subway project also has the full support of the Bali Provincial Government. This project will be carried out in stages and will connect I Gusti Ngurah Rai International Airport with various major tourist destinations in Bali.

According to idnfinancials.com data, KPIG has booked revenue of IDR1.26 trillion as of September 2024. Meanwhile, the company's net profit was recorded at IDR 553 billion. (KR/LM)