Jababeka to invest $683m for estates
Jababeka to invest $683m for estates
JAKARTA (JP): PT Kawasan Industri Jababeka Tbk, a publicly
listed property developer, plans to invest US$683 million to open
two new industrial estates in West Java.
Jababeka chief commissioner Sudwikatmono said yesterday his
company will also acquire stakes in PT Cikarang Listrindo, PT
Batavia City Realty and PT Batavia Perkasa.
"If the plans are approved, Jababeka will have invested a
total of Rp 4 trillion (US$1.7 billion) since its establishment
in 1989," Sudwikatmono said in a statement.
As a publicly listed firm, Jababeka must secure approvals from
its independent shareholders and also the Capital Market
Supervisory Agency to execute the plans.
Sudwikatmono said one industrial estate will be located in
Cikarang, adjacent to the existing industrial estate and the
other in Cilegon. Both locations are in West Java.
Jababeka president Ismail Sofyan said the company will
cooperate with Singapore-based Technology Parks Pte. Ltd., a
subsidiary of Jurong Town Corp., to develop a new 240-hectare
industrial estate in Cikarang with an investment of $91 million.
Jababeka signed the memorandum of understanding for possible
establishment of a joint venture with Technology Parks last
month, and will sign a follow-up joint-venture agreement next
month.
Sofyan explained that unlike Jababeka's existing industrial
estate, the planned estate in Cikarang will host high-tech
industrial plants.
Jababeka's current industrial estate in Cikarang hosts some
580 industrial firms, including PT Unilever Indonesia, PT Mattel
Indonesia, PT United Tractor and PT Samsung Electronic.
Meanwhile, Jababeka's planned industrial estate in Cilegon
will be built on an 800-hectare plot on the seashore, close to
the Bojonegara seaport. It will cost $592 million in new
investment, Sofyan said.
The planned Cilegon estate will attract as its tenants heavy
industrial and chemical plants as well as factories producing
supporting materials.
In addition to opening industrial estates, Jababeka also plans
to acquire a 67.5 percent stake worth $12.36 in PT Batavia City
Realty, a company which owns the 32-floor Menara Batavia office
building on Jl. K.H. Mas Mansyur in Central Jakarta, which has a
total office space of 47,000 square meters. Jababeka will use
some of the office space for its headquarters.
The company also plans to purchase a 67.5 percent stake worth
$7.36 million in PT Batavia Perkasa, a company which owns a 2.25
hectare plot on Jl. K.H. Mas Mansyur, adjacent to Menara Batavia.
Batavia Perkasa will develop a number of high-rise buildings on
the plot for a hotel, apartments and shopping and entertainment
centers, with a total investment of $170 million.
Jababeka will also acquire a 21 percent stake worth $42
million in PT Cikarang Listrindo, a company which owns and
operates a power generation station in Cikarang to supply
electricity to local industrial firms.
Cikarang Listrindo's power station has a total capacity of 228
megawatts, which is currently being expanded to 352 megawatts.
(rid)