Feb 27, 2011

Bakrieland gets US$150 mio from APLN

PT Bakrieland Development Tbk (ELTY), controlled by Bakrie family, may obtain about US$150 million or Rp1.32 trillion cash from 8 hectares sale of land bank in Rasuna Epicentrum to newly listed company PT Agung Podomoro Land Tbk (APLN).     
A source familiar with the matter said talks between Bakrieland and Agung Podomoro on land bank sale have been commenced. "It seems the land bank sale will be announced soon, hopefully in March." Agung Podomoro has mandated Deutsche Bank to seek the financing for Agung Podomoro. 
Based on Bakrieland's presentation material, Rasuna Epicentrum is consisting of 53.5 hectares of development area, 16.3 hectares of land bank, and 17 hectares of fully developed apartment towers.
As of September last year, Bakrieland posted Rp1.12 trillion of cash from Rp624.89 billion. With total equity of Rp7.94 trillion and liabilities of Rp6.62 trillion, its debt to equity ratio was 0.83x.
Disclosure: No position at the stock mentioned above.
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