Sahid expansion needs Rp 600 billion<\/p>\n
JAKARTA (JP): Publicly-listed property company PT Sahid Jaya
\nInternational announced yesterday that it needs a total
\ninvestment of Rp 600 billion (US$255 million) for its second
\nphase expansion project.<\/p>\n
The project consists of the Menara Sahid building for office
\nspaces and a shopping mall, the Sahid Perdana hotel, the Puri
\nAgung hall and several restaurants.<\/p>\n
Sahid's president, Sukamdani S. Gitosardjono, said after an
\nextraordinary meeting of the company's shareholders that the
\nconstruction of the Menara Sahid will cost approximately Rp 200
\nbillion, while the planned 50-story Sahid Perdana hotel needs
\nmore than Rp 350 billion.<\/p>\n
Sukamdani said that at yesterday's meeting, minority
\nshareholders approved a proposal on the transfer of Sahid Jaya
\nhotel's management from Sahid Jaya International to its
\nsubsidiary PT Sahid International Hotel Management Consultant.<\/p>\n
For managing the hotel, he said, Sahid International will get
\na management fee of 2 percent of Sahid Jaya's net revenues and 3
\npercent of its gross operating profit.<\/p>\n
Commenting on how to finance the project, Sukamdani said that
\nthe management has yet to decide how funds will be raised. \"We
\nhave several sources such as foreign and domestic syndication
\nloans as well as a rights issue.\"<\/p>\n
He added that financial institutions from Singapore can offer
\ncheaper funds than domestic sources. (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sahid-expansion-needs-rp-600-billion-1447893297",
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"sponsor": "Okusi Associates",
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