INPP Increases Stake in PLIN
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INPP Increases Stake in PLIN

Indonesian Paradise Property Tbk (INPP) increased its stake in Plaza Indonesia Realty Tbk (PLIN) by acquiring Unipac Holdings Ltd with transaction value of IDR 620.75 billion.

Ispandiati Makmur, Corporate Secretary of INPP, said Unipac, an investment company registered in British Anguilla, wants to release its stake in PLIN as INPP wants to increase its stake in PLIN.

Based on the report as of July 31, 2017, INPP owns 26.02 percent of PLIN. PLIN shareholders with more than five percent ownership are Bumi Serpong Damai Tbk (BSDE) with 37.71 percent and MNC Land with 6.28 percent. Unipac shareholding is included in the public shareholder composition by 15.56 percent.

If calculated based on PLIN’s share price per August 14, 2017 at IDR 4,000, total shares purchased by INPP from Unipac is estimated to reach 155 million shares or equivalent to 4.05 percent so that the ownership increased to 30.08 percent.

INPP uses two payment schemes in this transaction. The company will pay IDR 80 billion in cash to Unipac on August 15, 2017. The remaining IDR 540.75 billion is paid by promissory note which will mature on August 14, 2018.

In the first trading session on Wednesday (16/8), PLIN and INPP remained stagnant at IDR 4,100 and IDR 615 respectively. (*)

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