JAKARTA – Shareholders agreed upon the plan of PT Modernland Realty Tbk (MDLN) of submitting guarantee of over 50% of total company assets for loan collateral. The plan was once postponed as they failed to secure unanimous decision from its shareholders.

Based on the information disclosure quoted Tuesday (31/12), however, Yahya Danu Kusumo Pate, Corporate Secretary of MDLN, confirmed that the shareholders approved the plan of collateralisation over 50% of the company's assets during an Extraordinary General Meeting of Shareholders (EGMS) held yesterday (30/12).

The asset collateralisation was approved by shareholders representing 8.55 million shares, or 99.99% of present shareholders.

Prior to this, on last EGMS on December 12, the management failed to obtain approval as the quorum of the meeting was not met.

As of November 2024, listed shares were recorded at 12.53 billion shares, with controllers owning 13.59%, and non-controllers of 86.40%. Total shareholders stood at 8,320, with ultimate beneficial owner of the shares being Honoris Family.

For the record, the issuer booked marketing sales of IDR 855.06 billion throughout January-September 2024. The highest contributor came from residential segment of IDR 648.34 billion, hospitality and others of IDR 127.78 billion, and industrial segment of IDR 78.92 billion. Thus, its total assets clocked up to IDR 13.56 trillion. (LK/ZH)