Jun 19, 2011

Royal Oak to buy 10 developers

Property developer PT Royal Oak Development Asia Tbk (RODA) aims to acquire 10 developers worth Rp700 billion.
Financial Adviser Andreas Tjendana said the company has entered into an agreement to buy 10 companies, which will be followed by additional acquisition of three companies.
"We are eyeing additional takeover of three companies. In total, we will buy 10 developers," he said in a press conference yesterday.
Royal Oak will takeover PT Multi Pratama Gemilang, PT Tiara Sakti Mandiri, PT Fortuna Cahaya Cemerlang, PT Simpruk Arteri Realty, and PT Bangun Megah Pratama. Royal Oak also plans to buy PT Indo Prakasa Gemilang and PT Lumbung Mas Sejahtera.
To acquire five developers, Royak Oak requires Rp512 billion. The company also divests 99.86% shareholding in PT Transpacific Mutual Capita to PT Swadayanusa Kencana Raharja. Transpacific Mutual is a subsidiary of Royal Oak which is focusing in insurance, financial, and property business.  

Bangun Megah Pratama, developer of Lebak Lestari Garden, was founded in 2008 by two shareholders, namely Hendro Setiawan, holder of 60% stake and Nio Yantony, holder of the remaining stake.
On 17,815 square meters of land located in Lebak Bulus, South Jakarta, the developer will construct three towers of apartment consisting of 24 floors each. The projects will be commenced in October 2011.

Tiara Sakti Mandiri was founded in 2008 with capital paid in of Rp700 million. Two controlling shareholders are Hendro Setiawan (420 shares) and Nio Yantony (270 shares). Tiara Sakti has land bank in MT Haryono. It will establish one tower of apartment and nine unit of mini office dubbed Signature Park. Up to March 2011, the establishment has reached 35% with 61.2% sales.
Multi Pratama Gemilang was founded in July 2004 by two controlling shareholders namely Hendro Setiawan with 1,528 shares and Nio Yanton with 972 shares. The company has set a joint venture with PT Hotel Sahid Jaya International Tbk namely KSP Sahid Multi Pratama Gemilang in 2006. 
Hotel Sahid holds 45% stake in the KSO and Multi Pratama owns the remaining.The KSO plans to build a residential exclusive complex in Jend. Sudirman with facilities of five star hotels.

Simpruk Arteri Realty was founded in May 2007. The company plans to develop property project in Sultan Iskandar Muda (Arteri Simpruk). Simpruk Realty is owned by PT Andalan Karya Prima and PT Karya Prima Semesta with shareholdings of 50% respectively.

Disclosure: No position at the stock mentioned above.

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