JAKARTA – PT Bangun Kosambi Sukses Tbk (CBDK), a property company affiliated with Sugianto Kusuma (Aguan) and the Salim Group, has completed an affiliate transaction worth IDR 1.57 trillion.

CBDK’s management explained that the transaction was carried out through its subsidiary, PT Industri Pameran Nusantara (IPN), with PT Kukuh Mandiri Lestari (KML), in the form of an asset leasing agreement.

IPN will lease 187,740 square metres of land owned by KML in Desa Salembaran Jaya, Kosambi, Tangerang, Banten. The company plans to build and operate a Meetings, Incentives, Conventions, and Exhibitions (MICE) project on the site.

The lease agreement is valid for 20 years, with an automatic extension option for the same duration. Management added that the collaboration benefits both parties, as IPN will have land to develop its MICE business, while KML will gain economic benefits from its assets.

“With this transaction, IPN is expected to optimally develop the MICE business, which will ultimately have a positive impact on the development of CBD PIK2,” stated CBDK’s management in its disclosure to the Indonesia Stock Exchange (IDX) on Monday (24/3).

During the first trading session today (25/3), CBDK's stock price rose 0.44% to IDR 4,530 per share. However, over the last five days, its stock price has fallen by 13.30%. (DK/KR/ZH)