JAKARTA: Sinarmas Group established Sinarmas Land to integrate the development of property and financing business, especially its subsidiaries such as PT Bumi Serpong Damai Tbk and PT Duta Pertiwi Tbk.
The business group is optimistic on the acquisition of Bumi Serpong against Duta Pertiwi can be accomplished without delisting Duta Pertiwi from the stock exchange.Director of Corporate Strategic of Sinarmas Land Ishak Chandra said the company was appointed by Sinarmas to become the umbrella branding of the subsidiaries businesses, particularly Bumi Serpong Damai and Duta Pertiwi."If it is integrated, then we can boost the funding. But it can be done if we form a company entity. For now, Sinarmas Land is not an entity and does not have any ownership scheme," he said in his visit to Bisnis, yesterday.Initially, as he continued, Sinarmas group formed Sinarmas Realestate which managing several property projects of its subsidiaries, but the entity did not grow significantly, so we decided to change it to Sinarmas Land.Ishak refused to reveal the opportunities for forming Sinarmas Land became the parent company (holding company) of the real estate business. Temporarily, the company will cover the marketing of the subsidiaries projects, including Delta Mas which has a status as a private company."Our biggest task is to publish the existence of Sinarmas Land, since our business is a large scale business covering capitalization of Bumi Serpong which currently becomes the largest publicly listed property. Of course, this could strengthen the value of our subsidiaries projects, "he said.From the financial side, Sinarmas Land target portion of routine business income (recurring income) will increase from the current position about 10% of the entire portfolio of its subsidiary businesses, to 40% in the future.The regular revenue is revenue derived from leasing business, such as hotels, or office leasing. Conversely, nonrecurring revenues is derived from end sales of products such as residential and apartment properties.Analyst at PT Asjaya Indosurya Securities Reza Priyambada saw the integration of Bumi Serpong and Duta Pertiwi under Sinarmas Land will strengthen the fundraising capacity of the company with a significant net asset value (NAV) and equity."They can reap more money from releasing real estate investment trustees [REITs] since property that becomes an underlying asset is significant. However, it can be done only if Sinarmas Land has a legal entity, "he said.The acquisitionOn the same occasion, Ishak said the acquisition of Bumi Serpong against Duta Pertiwi is near to final without having any obstacles. He said he did not anticipate the possibility of a chain listing between the two publicly listed companies."I think there is no chain listing as the revenue target of Bumi Serpong this year alone has been set at IDR2.1 trillion or larger than the contribution of Duta Pertiwi," he said.According to the data compiled by Bisnis, Bumi Serpongs revenue in 2010 is projected to stand at IDR1.4 trillion, while Duta Pertiwis revenue may reach IDR1.1 trillion. However, these projections do not include the additional assets from the acquisition.Bumi Serpong recently bought 85.31% Duta Pertiwi shares or equal to 1.58 billion shares from PT Paraga Artamida and PT Ekacentra Usahamaju. All the three are controlled by the same shareholders.As of 31 August 2010, Para Artamida dan Ekacentra Usahamaju previously had 50% and 35% of shares in Duta Pertiwi.Besides finalizing the acquisition process, the company plans to include the capital stock into two other affiliated companies, PT Sinar Mas and PT Sinar Mas Wisesa, by absorbing new share of 60% and 55% respectively from the total paid-in and allocated capital.(Wiw/t03)
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