JAKARTA - PT Pollux Hotels Group Tbk (POLI) sold its shares in two of its subsidiaries to PT Sentosa Prima Siji (SPS) in a transaction earlier this week (30/12).

Maria Indah Pratiwi, Director of POLI, said that POLI's subsidiaries that sold their shares were PT Aman Berkat Cemerlang (ABC) and PT Batam Bintang Bahana (BBB). “ABC and BBB are not active and have not expanded their business, so through several considerations we decided to release our share ownership in the two companies to SPS,” she said in an information disclosure quoted on Thursday (2/1).

According to her, the proceeds from the sale will be used for working capital and business development.

POLI sold 2.49 million ABC shares or IDR249 million and 999,999 BBB shares or IDR99 million to SPS. There is no affiliation between the parties to the transaction.

As of September 2024, POLI's total equity was recorded at IDR2.01 trillion, up from the equity in the same period in 2023 of IDR2 trillion. ABC and BBB are known as construction, accommodation, food and beverage and real estate companies. (LK/LM)