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View all search resultsJababeka to sell assets in Cikarang to pay debt
Jababeka deputy CEO Budianto Liman said at a press conference that the company’s debt consisted of $180 million in bonds and $100 million in loans from state-owned bank Bank Mandiri, both of which would mature in 2027.
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Tourism and Creative Economy Minister Sandiaga Uno and Jababeka founder Setyono Djuandi Darmono attend the Jababeka Movieland launch day on July 8, 2024. (Kemenparekraf/-)
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ublicly listed developer Jababeka plans to sell land in its industrial estate in Cikarang, West Java, to pay down its US$280 million in outstanding debt.
Jababeka CEO Setyono Djuandi Darmono said the developer was targeting US$100 million in revenue from the sale to make a partial payment on the debt.
“If [we] want to get $100 million to pay the debt, it means we need a major sale. By major sale, I mean we have to sell assets,” Setyono said in a press conference on Wednesday, as quoted by kompas.com.
Setyono continued that the company would auction off 500 hectares of land in Cikarang in the near future, roughly 9 percent of the total 5,600 ha of land it holds there.
He hoped the sale could slash the company’s debt to $180 million. Aside from a lower debt burden, he also expected a reduction in operational costs.
Jababeka deputy CEO Budianto Liman said at the same press conference that the company’s debt consisted of $180 million in bonds and $100 million in loans from state-owned bank Bank Mandiri, both of which would mature in 2027.
The company hoped to pay off the debt before it reached maturity to maintain a sound financial condition and pursue development in other sectors.
