ASII - Astra land injects IDR524.3 bn to Mandarin Oriental Hotel

ASII - Astra land injects IDR524.3 bn to Mandarin Oriental Hotel Astra Land Indonesia (ALI), the property line of Astra International (ASII), has channelled extra capital of IDR524.3 bn to Bhumi Prama Arjasa (BPA). Said extra capital is channelled alongside the issuance of 47,048 new shares by BPA with transaction value of IDR11.14 mn each. The entire new shares are taken over by ALI. With this additional capital, ALI’s portion in BPA rises to 97.76% from the previous 96.92%. The remaining portion belongs to other shareholders unaffiliated with Astra Group. “This transaction is carried out to provide financial support for BPA, which will then be used by BPA for its corporate needs,” said the management of ASII in the official statement. For the record, ALI is one of Astra Group’s business lines engaged in the property sector. Throughout 2023, Astra Group’s property business line scored net profit of IDR142 bn, up 10% yoy. It is worth mentioning that BPA is a company that owns and manages Mandarin Oriental Hotel, Jakarta. Previously, it was known as Jaya Mandarin Agung (JMA). In July 2023, ALI acquired JMA’s shares with total transaction value of USD85 mn or approximately equal to IDR1.27 tn. (Source : IDN Financials)