Jababeka shares for co-ops

Jababeka shares for co-ops

JAKARTA (JP): PT Kawasan Industri Jababeka, a housing and industrial estate developer in Cikarang, West Java, which listed shares on the Jakarta Stock Exchange (JSX) last month, yesterday sold 2.64 million shares to 42 cooperatives at a par value of Rp 1,000 apiece.

"The involvement of cooperatives in equity ownership is intended to provide them better access into large businesses," Jababeka's president, Ismail Sofyan, said during the signing ceremony marking the share transactions here yesterday.

Army Chief Wismoyo Arismunandar was present at yesterday's ceremony because an Army cooperative was among the share buyers.

The cooperatives are expected to pay for the shares with dividends they receive from the company in the coming years.

Minister of Cooperatives and Small Enterprises Subiakto Tjakrawerdaya, who attended the ceremony, said that around 75.1 million shares in companies have sold to 1,580 cooperatives throughout the country.

Jababeka, which holds 790 hectares of land for its industrial estate and 1,000 hectares for its housing complex, listed 15 percent of its shares on JSX last December. (fhp)