JAKARTA – PT Agung Podomoro Land Tbk (APLN) has secured fresh funds of IDR 1.78 trillion from the sale of its shopping centre asset, Deli Park Mall, to PT DPM Assets Indonesia (DPMAI). The amount represents the net proceeds from the asset sale after the settlement of related banking liabilities.

In a disclosure cited on Tuesday (20/1), APLN Corporate Secretary F. Justini Omas said the total transaction value for the sale of Deli Park Mall to DPMAI amounted to IDR 2.44 trillion.

“This includes value added tax, with the transaction payment scheme being full settlement at the time of signing the deed of sale and purchase,” she said.

She explained that the determination of the sale price did not involve an independent appraiser, but was based on reasonable commercial considerations, including the condition of the property at the time of the transaction, the performance of the asset being sold, and the results of negotiations conducted independently and on an arm’s length basis.

As a note, APLN and DPMAI do not have an affiliated relationship. The controlling shareholder of DPMAI is PT Hankyu Hanshin Properties Indonesia.

The proceeds from the sale of the shopping centre will be used to repay part of SMD’s debt to PT Bank Maybank Indonesia Tbk (BNII) amounting to IDR 252 billion and APLN’s debt to PT Bank Danamon Indonesia Tbk (BDMN) worth IDR 400 billion, or a total of IDR 652 billion.

“The decision to sell Deli Park Mall is part of the company’s sustainable asset portfolio management strategy, aimed at optimising asset structure and resource allocation in line with the company’s medium- and long-term business strategy,” she said.

Source: idnfinancials.com