Intiland sell Drand Interwisata

Integrated developer PT Intiland Development Tbk divested 100 percent shares in PT Grand Interwisata, a developer focusing on the hospitality business segement, to PT Sejahtera Saktinusa worth IDR158 billion.
Intiland owns PT Grand Interwisata through PT Intiland Grande, housing developer based in Surabaya, East Java, with 99 percent possession. Grand Interwisata is based in Surabaya.

The transaction includes the debt swap of Grand Interwisata worth IDR21.28 billion to PT Sejahtera Saktinusa so the transaction book value stands at IDR179.28 billion.

The stock divestment is the realization of corporate strategy to divest non cor assets providing low yield. The transaction value of Grand Interwisata was agreed by Intiland Grande and Sejahtera Saktinusa, based on the assessment of PT Colliers International for the assets owned by Grand Interwisata as per 29 October 2009 standing at IDR162 billion.
Intiland is one of emItters booking a convincing performance in quarter I/2010. The company booked IDR85.09 billion net profits or grew 2,755 percent as from the quarter I/2009 achievement worth IDR2.98 billion.
The performance will be more convincing given that the profit in quarter I/2010 was far from 2009 profits standing at IDr25.61 billion.

Last April, Intiland held rights issue with preemption rights of 2.07 billion shares with a par value of IDR500 or totaling DIR2.07 trillion. The offer uses 3:2 ratio. It means every three old shareholders has the rights for buying two new shares. The company will use the rights issue funds for capital expenditure and acquisition of one property company.
Intiland most shares or 37.08 percent are owned by UBS AG Singapore has 14 subsidiary firms and dozens of sub subsidiary firsm operating in Jakarta, Surabaya, Yogyakarta, Pacitan, Semarang, and Tangerang.