SMRA – Acquires majority stake in Duta Wahana Asri

SMRA – Acquires majority stake in Duta Wahana Asri Summarecon Agung (SMRA), through its subsidiary Summarecon Property Development (SMPD), acquired 2,856,000 shares of Duta Wahana Asri (DWA) from Kalindo Surya Permai (KSP) for IDR2.85 bn, funded from SMPD's cash reserves. The transaction was finalized on January 15, 2025, making SMPD the controlling shareholder of DWA with over 51% ownership. Lydia Tjio, Corporate Secretary of SMRA, confirmed that there is no affiliated relationship between SMPD and DWA. Shareholder and board approvals were secured by SMPD on January 8 and 10, 2025, respectively. DWA also obtained shareholder consent during an extraordinary general meeting on January 15, 2025. (Source : Idx) Comment : We view SMRA's acquisition of DWA, a key player in the property industry with extensive experience and a robust network, as a significant opportunity to expand SMRA’s market share and diversify its portfolio. By leveraging DWA’s strengths and SMRA’s expertise in managing large-scale projects, the company aims to drive innovation, unlock synergies, and meet the evolving demands of Indonesia's growing real estate market.