Apr 11, 2012

BEST eyes US$112 mio from land sale

Property developer PT Bekasi Fajar Industrial Estate Tbk (BEST) is scouting a US$112 million proceed from 80 hectares of industrial land sale this year.
Independent Director Bekasi Fajar Wilson Effendy said the company sold 70 hectares-80 hectares of industrial land last year.
"We estimate the sale is relatively flat. However, the price may go up this year to US$130-US$140 per meter square from US$80 per meter square last year," he said.
As of September 2011, Bekasi Fajar, that is owned by Argo Manunggal Group and controlled by Indonesian businessman The Nin King, recorded Rp351.17 billion revenue and Rp96.85 billion net profit.
The company expects to jack up its net profit by 30% this year.
During the IPO, Bekasi Fajar grabbed Rp300.05 billion proceed or equal to Rp170 a share.  The Nin King expressed his gloriously when Bekasi Fajarlisted shares at Indonesia Stock Exchange (IDX) yesterday.
"These company will grow along with the higher demand for land," he said as quoted by Topsaham.com yesterday.
Most of the company's industrial land are occupied by Japanese investors. Nin King said Bekasi Fajar is seeking financing to develop 816 hectares of industrial land.

Disclosure: No position at the stock mentioned above.

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