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Jakarta Post

MNC boss agrees to buy Bakrieland’s assets

Jakarta   /   Wed, December 12 2012   /  11:36 am

Publicly listed developer PT Bakrieland Development (ELTY) is expecting to finalize the sales of two of its assets worth Rp 3 trillion (US$311 million) to local tycoon Hary Tanoesoedibjo, before the end of the year.

The company will divest its entire 99.99 percent stake in toll road company PT Bakrie Toll Road as well as selling all of its 50 percent stake in PT Lido Sarana Prima, the developer of Lido Lakes Resort and Conference.

ELTY president director Ambono Januarianto said in Jakarta on Tuesday that two weeks ago his company had signed an agreement on the sales of the two assets to Hary Tanoesodibjo, the president director of the media group Media Nusantara Citra (MNC).

“The toll road enterprise value is more than Rp 2 trillion and Lido’s is less than Rp 1 trillion,” Ambono said on Tuesday, declining to reveal the real value of the transactions of the div...