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Jakarta Post

Jakpro wants Rp 40 trillion capital injection

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, December 6, 2018   /   05:42 pm
Jakpro wants Rp 40 trillion capital injection An excavator is seen at the BMW Stadium construction site in Tanjung Priok, North Jakarta, on April 5. The project is constructed under city-owned developer PT Jakarta Propertindo (Jakpro). (Antara/Aprillio Akbar)

PT Jakarta Propertindo (Jakpro) has put in a request for additional public funds. The city-owned developer proposed a Rp 40 trillion (US$2.75 billion) budget, which marks a steep increase from the previously approved Rp 10 trillion. 

Jakpro president director Dwi Wahyu Daryoto said the additional capital was crucial for funding the many construction projects entrusted to Jakpro, such as the second phase of the light rapid transit (LRT) network, the revitalization of the Taman Ismail Marzuki arts center (TIM), the construction of the international-standard BMW Stadium, the development islets on reclaimed land and the purchasing of land for down payment-free housing.

Dwi said injecting additional capital would not violate Law No.40/2007 on limited liability companies.

“[The law allows] capital injections to be four times the initial capital,” Dwi said. 

The request got a nod from Yurianto, the head of the board of supervisors of Jakarta-owned firms (BUMD). 

“[Jakpro] still has many assignments for the future. According to the law, it is okay if [the additional capital] reaches Rp 40 trillion,” Yurianto said. (gis)