Astra Land Acquires Commanding Stake at Jaya Mandarin for $50M
Jakarta. Astra Land Indonesia, a property company and subsidiary of Astra International (ASII), announced on Wednesday that it has acquired a 96.9 percent stake in Jaya Mandarin Agung. The acquisition was valued at $49.8 million and involved the purchase of 7,900 series A shares, 5,583 series B shares, 3,950 series C shares, and 55,560 series D shares.
However, Astra Land clarified that this acquisition was considered a "related-party transaction" since Jaya Mandarin is a subsidiary of Mandarin Oriental Holdings BV, which is connected to a major shareholder of Astra International.
In addition to the stake acquisition, Astra Land also purchased a debt of $35.23 million owed by Jaya Mandarin from Mandarin Oriental Hotel Group Limited. This debt takeover brought the total value of the transaction to $85 million, approximately equivalent to Rp 1.27 trillion.
Astra Land stated that this transaction aims to bolster its property business growth, as Jaya Mandarin owns strategically located buildings near Jakarta's Hotel Indonesia Turnabout.
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