Bisnis Indonesia - Bisnis.com

JAKARTA: PT Ciputra Development Tbk and International City Development Pte Ltd, Singapore-based affiliated company, held shares swap.

This corporate action was realized by swapping 33.25% of Ciputra’s stakes in China’s Shenyang project with 7.43% stakes of ICD, said Ciputra Development Corporate Secretary and Director Tulus Santoso.

ICD is also Ciputra Group subsidiary, responsible for the projects in Vietnam and Cambodia. Subsequent to this shares swap, Ciputra’s projects in China, Vietnam and Cambodia will be controlled by Ciputra Development.

“However, although we only control 7% of stakes, the contribution will not be that significant. This shares swap only served as the company’s restructuring,” he told Bisnis today.

Previously, the company through its subsidiary Ridge Capital Enterprises Limited and Deaumont Investments Limited controlled 33.25% stakes of real estate project in Shenyang, China.

Subsequent to this corporate action, the company does no longer own the stakes of Ridge Capital and Deaumont Investments. In exchange, the Shenyang project along with the projects in Cambodia and Vietnam will be tapped by the company through ICD.

Ciputra Development packed IDR229.26 billion net income in January-September period, a 91.15% rise compared to the same period last year at IDR119.67 billion.

This income growth was primarily backed by 59.76% rise of revenue, reaching IDR1.23 trillion compared to the same period last year at IDR773.43 billion.

Residential project still served as the largest contributor (80%), tailed by recurring income (20%).

This year, Ciputra Development focused on its residential projects outside Jakarta. The developer will also launch residential projects in Tegal and Banjarmasin anytime soon.

Next year, the company allocates up to IDR2 trillion capital expenditure as it will be used to cover up the capex of its two subsidiaries, PT Ciputra Property Tbk and PT Ciputra Surya Tbk.

Tulus once said that Ciputra Property has the largest funding needs, reaching IDR1 trillion to develop the Ciputra World I and Ciputra World II projects. In the meantime, capex needs for Ciputra Development and Ciputra Surya amount to IDR500 billion.  (Bunga Dewi Kusuma)  (T02/msw)