Raharja Mitra Familia (RMF), a subsidiary of Intiland Development Tbk (DILD), has formed a joint venture with Galang Gema Pradana (Galang) and Reco Promenade Private Ltd (Reco) and will work on mixed use project, Fifty Seven Promenade at Kebon Melati, Jakarta worth IDR 2.4 trillion.

RMF will issue 85,020 new shares worth IDR 230 billion and deposit capital amounting to IDR 85 billion or equivalent to 36.63 percent stake. Reco and Galang will inject capital equivalent to 33.40 percent and 29.97 percent stakes respectively. The capital will be paid at least three months after signing of the JV establishment
on August 23, 2017.

According to DILD management, Reco is a Singapore-based company owned by Recosia Pte Ltd and is not affiliated with DILD. Recosia Pte Ltd is an investment company and one of its subsidiaries is Global Logistics Properties (GLP), which has property portfolio worth USD 42 billion in China, Japan, US, and Brazil.

“This partnership will have a positive effect in terms of the financial side, project development, and reputation,” said the management in an information disclosure.

On Friday (25/8), DILD dropped by one percent to IDR 406. (*)

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