KUALA LUMPUR, July 19 (Bernama) -- Genting Plantations Bhd, via its indirect wholly-owned Indonesian subsidiaries, is acquiring two parcels of contiguous land in Jakarta totalling 152 hectares for 2.052 trillion rupiah (RM593 million).
The plantation and property development group said its units PT Genting Properti Abadi and PT Genting Properti Jaya today inked separate conditional agreements with PT Sentul City TBK, PT Aftanesia Raya and PT Primatama Cahaya Sentosa to acquire the land.
PT Genting Properti Abadi is acquiring 80 hectares within the Sentul City township for RM509.8 million while PT Genting Properti Jaya is buying a 72-hectare parcel contiguous with the former land for RM83.2 million, it said in a filing with Bursa Malaysia today.
“The proposed acquisitions provide an opportunity for Genting Plantations, through its indirect wholly-owned Indonesian subsidiaries, to undertake property development-related activities in line with the objective of its Indonesian expansion.
"In doing so, Genting Plantations will be able to establish its presence in the Jakarta property market which may offer other opportunities to further its Indonesia expansion initiative,” it said.
Genting Plantations said the proposed acquisitions are expected to be completed in the first quarter of 2025.
-- BERNAMA
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