business

Hey There! The RUPSLB SSIA Has Given Its Approval For The Acquisition Of A 36.5% Stake In SuryaciptaSwadaya

During the Extraordinary General Meeting of Shareholders (RUPSLB) of PT Surya SemestaInternusaTbk (SSIA), approval was given for the plan to sell a portion of the company's shares in PT SuryaciptaSwadaya (SCS) to investors and issue new shares by PT SuryaciptaSwadaya.

At the RUPSLB held on Friday (June 21, 2024), SSIA also signed the Share Purchase Deed and Shareholder Approval Deed for the Issuance of New SCS Shares, all of which will be acquired by PT PuriBumi Lestari (PBL) with a total value of Rp3.1 trillion.

President Director of PT Surya SemestaInternusaTbk (SSIA), Johannes Suriadjaja, stated that the approval of the RUPSLB for the transaction and the signing of the Share Purchase Deed and Shareholder Approval Deed for the Issuance of New Shares on June 21, 2024, marked a significant event in our business development. With this transaction, we will receive a payment of 90% of the transaction value, approximately Rp 2.8 trillion.

Johannes added, "The additional capital injection from PBL into SCS will accelerate the development of the Subang Smartpolitan Industrial Estate, making it more attractive to potential buyers of the Subang Smartpolitan Industrial Estate.

Furthermore, we believe that PBL's entry as a strategic investor will strengthen SCS's capital structure by reducing SCS's debt to banks, indirectly lowering interest costs and ultimately making SCS more competitive."

SCS will expedite the repayment of debts to Bank Mandiri and Syndication Banks amounting to Rp446 billion and Rp1 trillion respectively after receiving cash from the issuance of new shares to PBL.

SSIA has witnessed tremendous interest, especially from China, in Suryacipta City of Industry, Karawang, as well as the latest development of SSIA's Industrial Green City, Subang Smartpolitan. This positive development has prompted the company to raise the sales target for FY24 marketing in Suryacipta City of Industry Karawang and Subang Smartpolitan from 65 hectares to 184 hectares (or equivalent sales value of Rp2.2 trillion).

Assuming the sales target is achieved and booked this year, SSIA's consolidated revenue for FY24 is estimated to increase by approximately 23% to Rp5.6 trillion, with net profit rising by approximately 182% to Rp500 billion.

The high level of investor interest in entering Suryacipta City of Industry Karawang and Subang Smartpolitan has also had a positive impact on the performance of PT SuryaciptaSwadaya (SCS). In the first quarter of 2024, SCS reported revenue of Rp146.8 billion, an increase of 85.8% from Rp79.0 billion in 1Q23. The increase in revenue is mainly due to a significant increase in land sales, which recorded a growth of 1,192.2% (Rp67.6 billion in 1Q24 vs Rp5.2 billion in 1Q23).

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Tag: PT Surya SemestaInternusaTbk Karawang PT PuriBumi Lestari PT SuryaciptaSwadaya