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Surya Semesta gets approval to sell unit’s shares to Astra
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PT Surya Semesta Internusa president commissioner Hagianto Kumala (center) poses with the company's directors and commissioners after an extraordinary general meeting in Jakarta on April 5. (JP/Supriyono Hemay)
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hareholders have approved PT Surya Semesta Internusa’s (SSIA) plan to sell its shares in PT Bhaskara Utama Sedaya (BUS) under its subsidiary PT Karya Sedaya Sejahtera (KKS) to Astra subsidiary PT Astratel Nusantara for Rp 2.34 trillion (US$175.55 million).
The president director of SSIA, a publicly listed property developer, Johannes Suriadjaja said the company expected to receive 15 percent of the amount upon the signing of the contract and the remaining amount in January 2018.
The proceeds will be used to buy back SSIA shares, finance the expansion of a mega-project in Subang, West Java, and repay bonds. “We will establish a township on the land, consisting of a housing complex, an industrial estate and a commercial area,” he said.
According to SSIA investor relations officer Erlin Budiman, KKS owns 45.62 percent of BUS, which owns 45 percent of PT Lintas Marga Sedaya, the operator of the Cikopo-Palimanan (Cipali) toll road in West Java.
The company will hold another shareholders meeting in May to seek approval on the share buyback plan. SSIA is in the process of acquiring 1,000 hectares of land for the expansion of the mega-project in Subang.
Johannes said discussions on the plan to use some of the funds to repay SSIA’s outstanding bond worth Rp 550 billion were ongoing. The bond matures in November. (yon/ags)
