Pakuwon Jati (PWON) Buys land for IDR 127.1 billion, wants to build this

Jakarta, CNBC Indonesia - Property issuer PT Pakuwon Jati Tbk. (PWON) has purchased 5.2 hectares of land in Semarang City which will be developed into a superblock area (retail mall, hotel and apartments). The transaction value was IDR 121.7 billion excluding related taxes, and took place on June 6 2024.

Citing information disclosure, this transaction was carried out through PWON's subsidiary, PT Pakuwon Permai. Meanwhile, the party selling the land is PT Putra Wahid Sejahtera which is based in Semarang. Director of PWON Minarto said there was no affiliate relationship between the seller and the buyer.

"The reason for carrying out the transaction is geographical diversification to obtain potential or new growth base opportunities," said Minarto in an information disclosure quoted on Tuesday (11/6/2024).