Apr 23, 2011

Global Land seeks Rp1.5 trio financing

Property developer PT Global Land Tbk (KPIG), affiliated of PT Global Mediacom Tbk (Bhakti Group), is seeking Rp1.53 trillion financing to develop several projects this year.
The company aims to use a combination of internally generated cash flow with external financing facilities, said Global Land Director Daniel Yuwono, as quoted by Bisnis Indonesia today.
For this year, the company plans to construct four projects of office building in Jakarta with a total investment of Rp1.53 trillion. 
The company needs Rp35 billion to establish building of Seputar Indonesia, Rp200 billion for MNC Financial Building, Rp300 billion for MNC News Centre, and Rp1 trillion for office building and RCTI studio.
The company is in discussions with three banks in a bid to obtain the financing facilities.
Global Land is also planning to roll out a theme park with total investment of Rp6 trillion in Java. The company is seeking 200 hectares of area.

Disclosure: No position at the stock mentioned above.

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