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PTPP sells assets to reduce debt load
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Part of the Semarang-Demak toll road is pictured while it was under construction in this undated photograph from the website of PT Perumahan Pembangunan (PTPP) (www.ptpp.co.id/-)
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tate-owned construction and investment company PT Perumahan Pembangunan (PTPP) is reportedly divesting assets to pay off part of its debt, which totaled Rp 44.21 trillion (US$2.85 billion) at the end of September 2023.
As Detik reported on Wednesday, PTPP will divest 49 percent of its ownership in PT Indonesia Ferry Property, 60 percent of its ownership in PT PP Properti Suramadu and 38.7 percent of its ownership in PT Inpola Meka Energi.
PTPP will also sell 70 percent of its shares in PT Odira Energi Karang Agung, which is one of its subsidiaries under PP Energi.
Sinur Linda Gustina, PTPP’s corporate strategy and human capital management director, said the assets being divested were assets of PT Sinergi Investasi Properti.
“Currently we’re undergoing due diligence with a potential investor. PTPP holds a 6.74 percent stake in PT Citra Waspphutowa [the company managing the] Depok-Antarasi highway,” Sinur said.
“The gas sales and purchase agreement (GSPA) will be concluded in the near future, followed by the sales and purchase agreement (SPA) for PT Inpola Meka Energi. This is one of the subsidiaries in the portfolio of PT PP Energi.”
Aside from the divestments, PTPP also plans to auction off less productive vehicles and heavy equipment.
