Jan 29, 2012

Johan Lensa sells Modernland Realty

Indonesian businessman Johan Lensa, previous owner of PT Bukit Makmur Mandiri Utama (BUMA), has sold 9.57% stake or 600 million shares in property developer PT Modernland Realty Tbk (MDLN).
Dani Prasetyo, Corporate Secretary of Modern Land, said Johan Lensa, via PT Bukit Makmur Widya, has sold its stake to PT Modern Griya Reksa at negotiation market on January 18 2012. Post the shares sale, Modern Griya Perkasa owns 9.57% stake in Modernland Realty.
As of September 2011, Bukit Makmur Widya held 19.63% stake in Modernland, AA Land Pte Ltd, Singapore owned 22.37%, Castle Capital Holdings Inc, PT Inti Putra Modern held 8.86% and 5.35% stakes respectively, and public holders owned 43.79%.
BUMA, Indonesia's second largest coal contrator, was sold by Johan Lensa to PT Delta Dunia Makmur Tbk, that is backed-up by a consortium of Northstar Pacific and Texas Pacific Group.

Disclosure: No position at the stock mentioned above. 

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