State firm, PT Hutama Karya, has acquired 55 percent shares a local investment and property developer company, PT Cempaka Surya Kencana for Rp2.2 trillion (US$156.03 million) - Photo by the Company

JAKARTA (TheInsiderStories) – State firm, PT Hutama Karya, has acquired 55 percent shares a local investment and property developer, PT Cempaka Surya Kencana for Rp2.2 trillion (US$156.03 million), said the management today. The acquisition was carried out through its subsidiary PT HK Realtindo.

Cempaka has developed technopark in Central Jakarta with a total of six towers, consist of hotel, apartment, shopping center, office areas and other residential areas.

Based on a disclosure announcement, the unit has paid a down payment of Rp200 billion to PT Azbindo as the seller. HK Realtindo also provided a loan of Rp1 trillion to Cempaka to pay the debt to the parent with total amount Rp2 trillion.

Recently, the company announced to bring HK realtindo, PT HK Infrastruktur, and PT Hakaaston to take a floor at the Indonesian Stock Exchange (IDX) starting this year. HK Realtindo started from the property division and was officially established as a subsidiary in 2010. The developer managed various property products, like H Tower Rasuna Said and H Residence MT Haryono in Jakarta also Kubika Homy in Tangerang.

Other units, HK Infrastruktur, found in 2015 after received an assignment to develop the Trans Sumatra toll road. Apart from Trans Sumatra, the builder has worked on other strategic projects such as the Cinere – Jagorawi and Mojokerto – Kertosono toll roads. Then, Hakaaston produces precast concrete products. One of the facilities is located in Bojonegara, Cilegon, which is now has supported the precast needs for the construction of the Trans Sumatra toll road.

Hutama has received full trust by the government to carry out the Trans Sumatra project, stated in Presidential Regulation Number 117 of 2015 in conjunction with Number 100 of 2014 concerning the Acceleration of Toll Road Development in Sumatra. The toll road has eight sections.

Recently, Indonesia’ Toll Road Regulatory Agency has ordered Hutama Karya consortium to build toll road projects in North Sumatera. The project has value Rp13.4 trillion. The operator joined with PT Jasa Marga Tbk (IDX: JSMR) and PT Waskita Toll Road and has formed PT Hutama Marga Waskita to run the projects.

Beside develop property project, the director, Suroto, said that the company is currently working on a number of Trans Sumatra Toll Roads like the Sigli – Banda Aceh along 60 kilometers (km), Pekanbaru – Pangkalan Toll Road with length 83 km, Padang – Sicincin toll road throughout 37 km, and Bengkulu – Taba Penanjung toll road with far 18 km.

Then,  Indralaya – Muara Enim for 121 km, Binjai – Langsa with length 131 km, Kuala Tanjung – Tebing Tinggi – Parapat along 143 km, and Indrapura – Kisaran with length 48 km. The total length of the Trans Sumatera has been built by the end of 2020 was 1,156 km with 643 kilometers of construction sections and 513 kilometers of operating segments.

“We are targeting that in 2021 the Bengkulu – Taba Penanjung Toll Road, Sigli – Banda Aceh toll road sections 1 – 2 and sections 5 – 6, as well as a number of sections along the Pekanbaru – Padang toll road, will be completed,” said Suroto.

US$1: Rp14,100

Written by Editorial Staff, Email: theinsiderstories@gmail.com