Jaya acquires 70% stake in Jaya Garden

Jaya acquires 70% stake in Jaya Garden

JAKARTA (JP): The shareholders of publicly-listed PT Jaya Real
Property agreed yesterday to the company's plan to acquire a 70
percent stake of PT Jaya Garden Polis for Rp 91 billion (US$41
million).

Ciputra, chief commissioner of Jaya Real Property, said after
attending the shareholders' extraordinary meeting at the Jakarta
Convention Center that 50 percent of the acquisition cost would
be financed from the proceeds of his company's initial public
offering made last year.

He said his company would make Jaya Garden Polis, previously
owned by a consortium of 15 companies, an independent town in the
Pasar Kemis area, Tangerang, West Java, on a plot of 850
hectares. At present the company has acquired 642 hectares of the
land, with the further 208 hectares expected to be acquired by
the end of the year.

Jaya Real Property's president, Tanto Kurniawan, explained
that the company would build 54,000 houses on a total area of
1,760 hectares for some 200,000 inhabitants in Jaya Garden Polis
within the next 20 years.

Jaya Real Property, established by the Jakarta municipal
administration through its Pembangunan Jaya company, floated 35
million shares or 15 percent of its total stocks on the Jakarta
Stock Exchange at a price of Rp 5,200 per share last year.

Pembangunan Jaya, 85.1 percent owned by the Jakarta municipal
administration and 14.9 percent by Ciputra, controls the other 30
percent stake in Jaya Garden Polis.

Jaya Property, which develops Bintaro Jaya estates in South
Jakarta with a total proposed land area of 1,721 hectares,
recorded a net profit of Rp 95.23 billion last year, up 225
percent from Rp 29.3 billion in 1993.

The company's annual shareholder meeting last month approved
the company's plan to distribute cash dividends of Rp 122 per
share, including the interim dividend of Rp 62 which was paid
last November. The final dividends will be paid next month. (rid)