Jan 13, 2011

Astra buys Rp600 bio lands from SSIA

PT Astra International Tbk (ASII) has purchased 121 hectares of land in Kerawang worth Rp600 billion from property developer PT Surya Semesta Internusa Tbk (SSIA).
Chief Corporate Communication Astra Arief Isnanto said the company has bought the lands via its subsidiaries Astra Daihatsu Motors and Astra Daihatsu Sales. "We has paid the lands acquisition of Rp600 billion to Surya Semesta," he said.
Astra Daihatsu Motors bought 81 hectares and Daihatsu Sales purchased 40 hectares. According to him, the lands acquisition will be used by Astra Daihatsu to jack up its production to 300,000 units per annum from 200,000 units.
Surya Semesta, via its subsidiary PT Suryacipta Swadaya (SCS), the industrial estate operator of Suryacipta City of Industry, in early 2011, has managed to secure buyers commitments for about 130 hectare area, of which 121 hectares will be purchased by Astra International.
The commitments of Astra and its subsidiary involved in automotive business into Suryacipta City of Industry as an anchor tenant in 2011 will be followed by other producers of automotive parts and components, which should support the performance of SCS in the years to come.
A number of foreign-owned companies that have factories and plants in Suryacipta City of Industry include PT Bridgestone Tire (Japan), PT TVS Motor (India), PT Bekaert Indonesia (Belgium), PT JVC Electronics (Japan) and PT JTekt Indonesia (Japan).

Disclosure: No position at the stock mentioned above.

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