Sep 7, 2011

Agung Podomoro buys 2 affiliated firms

Property developer PT Agung Podomoro Land Tbk (APLN) has agreed to acquire affiliated companies PT Putra Adhi Prima and PT Karya Gemilang Perkasa worth Rp600 billion.
Agung Podomoro Corporate Secretary Justini Omas said the company bought both affiliated firms in August. "We signed an agreement to buy Karya Gemilang on August 25 and Putra Prima on August 26," said Justini.
Putra Adhi is an operator of resort, consisting of hotels, shop houses, and villas in Bogor, West Java. Putra Adhi has managed 85 hectares of land.
Karya Gemilang is a company that owns 52.83% stake in PT Pluit Propertindo, operator of Emporioum Pluit Mall, in North Jakarta.
Agung Podomoro spent Rp300 billion to buy Putra Prima and Rp300.85 billion for Karya Gemilang. Agung Podomoro has used the proceed of Rp1.2 trillion bond issuance to buy the companies.

Disclosure: No position at the stock mentioned above.

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