PSKT Acquires 99.95% of KBH
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PSKT Acquires 99.95% of KBH

Red Planet Indonesia Tbk (PSKT) acquired 1,999 tau 99.95 percent of all issued and fully paid shares in Karya Bangun Hotelindo (KBH). This will support plan to develop a hotel chain called Red Planet Hotels.

Suwito, President Director of PSKT, said the company purchased KBH from Mawardi Koe and Suwandi Koe for IDR 40 billion. KBH has 2500 m2 land area which will be built into a hotel.

PSKT currently owns and operates seven budget hotels, including Red Planet Hotel Pasar Baru, Red Planet Hotel Bekasi, Red Planet Hotel Makassar, Red Planet Hotel Solo, and Red Planet Hotel Surabaya. The company is targeting its number of hotels to grow double by 2020. The expansion is done through the construction of new hotels and acquisitions of existing hotels.

In the first half of 2017, PSKT posted revenue of IDR 31.55 billion, down 5.4 percent over the same period last year. The company also recorded a net loss of IDR 18.28 billion, down 28.23 percent compared to loss in the first half of 2016. (*)

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