Indonesia Digest: Sinarmas moves $107m asset from SG; Waskita defers selloff plan

Sinarmas Group has moved a property asset worth $107 million (Rp 1.4 trillion) from Singapore to Indonesia, according to a filing on Monday. Meanwhile, state-owned infrastructure firm Waskita Karya has postponed its plan to divest 10 of its toll operator subsidiaries due to “lack of offers that matched with the company’s targets”.

Sinarmas Group asset transfer

Sinarmas Group, through its Singapore-based unit Golden Agri Resources, has transferred a property asset worth $107 million to its vehicle in Indonesia – publicly-listed developer Bumi Serpong Damai (BSD).

According to the filing, BSD has taken over the asset through its subsidiary Duta Cakra Pesona.

The asset entails a 36,800-sq m building of 23 floors in Setiabudi district, south of Jakarta. Golden Agri will record a net profit of $15 million from the transaction.

Sinarmas Group, through its property arm Sinarmas Land, acquired a London property – 33 Horseferry Road – worth £188.6 million in July, bringing the company’s total asset in Central London to 500,000 sq ft and asset-under-management to more than $1 billion.

33 Horseferry Road has a net leasable area of 180,600 sf, with the freehold commercial building comprising 163,761 sf of Grade A office accommodation.


Waskita Karya drops plan to divest toll road assets

Waskita Karya said it has not found a buyer for its 10 toll road sections after the tender process started in August.

“After evaluating some of the offers that we received from potential investors, we have not found any (offer) that matches with the targets wished by the management,” Waskita Karya said in a statement.

The company will maintain plans to offload the toll sections albeit through a different scheme, the statement further revealed.

Previously, there had been 14 companies bidding for Waskita Karya’s $500 million toll sections, including toll developers Jasa Marga and Astratel Nusantara. The toll road sections being divested are Kanji-Pejagan, Pejagan-Pemalang, Pemalang-Batang, Batang-Semarang, Pasuruan-Probolinggo, Solo-Ngawi, and Ngawi-Kertosono.

Waskita is selling these sections in order to raise money for other toll projects – 1,260 km of toll roads worth $8.24 billion, all of which are to be completed before the next presidential election in 2019.

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