Alam Sutera owners sell Rp 1.5t in stocks

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JAKARTA: Publicly listed property developer PT Alam Sutera Realty (ASRI) announced on Monday that two of its shareholders sold their stake in the company in a deal worth Rp 1.46 trillion (US$155 million).

The shareholders are PT Selaras Citramanunggal and PT Bukit Asri Padang Gold, which both sell a combined 3.18 billion shares — accounting for 16.19 percent of Alam Sutera’s total outstanding shares — for Rp 460 apiece, Alam Sutera said in a stock exchange filing.

“The transaction was conducted among founding shareholders, in which PT Selaras Citamanunggal and PT Bukit Asri Padang Golf sold all of their shares to PT Tangerang Fajar Industrial Estate and PT Manunggal Prime Development,” the statement reads.

“The transaction was aimed at internal restructuration among the company’s founding shareholders to improve efficiency in decision making processes,” the company said.

Prior to the deal, Selaras Citamanunggal owned an 11.86 percent stake in Alam Sutera, Bukit Asri Padang Golf has 5.94 percent, while Tangerang Fajar holds 16.7 percent and Manunggal Prime owns 11.74 percent. The remaining stake is 28.88 percent owned by PT Argo Manunggal Land Development and 24.88 percent by the public.