JAKARTA - PT Indonesian Paradise Property Tbk (INPP) bags IDR 652.65 billion from divesting 36.7% of PT Narpati Arjaya Properti (NAP) to Hankyu Hanshin Properties ID-BWC LLC, Japan.

After this transaction, INPP’s portion in NAP is down to 55.22%. Ispandiati Makmur, Corporate Secretary of INPP, mentioned that the number of NAP’s shares that was divested stood at 149.01 million shares.

Prior to this transaction, INPP owned 373.25 million of NAP, or equal to 91.92%.

The proceeds secured by INPP from this divestment will then be allocated to its working capital for business expansion. With this extra capital, INPP is optimistic that the company will be able to boost its performance in the property industry.

INPP and Hankyu Hanshin are not affiliated. For the record, Hankyu Hanshin is headquartered in Hankyu Terminal Bldg, Shibata Kita-ku, Osaka, Japan. (LK/ZH)