City-owned property firms merged into one
City-owned property firms merged into one
JAKARTA (JP): The city administration launched on Friday a
holding company in the property sector, a merger between city-run
developers PT Pembangunan Pluit Jaya, PT Pembangunan Pantura
Jaya, and PT Pulo Mas Jaya.
Deputy Governor for Economic Affairs, Fauzie Alvi Yasin, said
the holding company, named PT Jakarta Propertindo, was the first
of five holding companies to be established.
"With the merger of the three companies, we will increase the
efficiency, bargaining position and network of future
operations," said Fauzie in a press meeting.
The city administration has announced plans to set up five
holding companies for its 33 city-owned companies, focusing on
property, trading and manufacturing, finance and insurance,
hotels and tourism, and general services.
The aim of restructuring the city firms is to improve their
performance and profitability.
All of the five holding firms will be under the coordination
of an institution to be called Jakarta Incorporated, with the
governor as chief commissioner.
"The three companies will continue with their own business
plans, while the holding company completes the restructuring,"
Fauzie added.
Fauzie said Hari Sanjoyo, now president of PT Pembangunan
Sarana Jaya, had been appointed as the president of the holding
company.
He said chief commissioner of the holding company was Ongky
Sukasah, who is assistant to the city secretary for development
affairs.
The administration has conducted fit-and-proper tests for all
69 candidates for directors of the holding firms. The candidates
are mostly executives of the existing firms plus several members
of major political parties proposed by the city council.
"Another city-run company, PT Pembangunan Sarana Jaya, will
join the holding company shortly after the completion of its due
diligence," said Fauzie.
The holding company has an authorized capital of Rp 555
billion (about US$61 million) with paid up capital of Rp 132.2
billion. It has a total of 300 employees from all the companies.
PT Pembangunan Pluit Jaya, set up in 1997, manages a total of
2,650 hectares of property and real estate development in Pluit,
North Jakarta.
The area is planned to become part of the future Jakarta
waterfront city, currently under the management of PT Pembangunan
Pantura Jaya, comprising residential, commercial, recreation and
industry areas.
Meanwhile, PT Pulo Mas Jaya manages offices, apartments,
cafes, a horse racing facility, a football field and a parking
lot. (07)