Jakarta. Property company Pratama Abadi Nusa Industri (PANI) changed its name to Pantai Indah Kapuk Dua on Monday following the shareholders’ extraordinary meeting that also appointed business tycoon Sugianto Kusuma, better known as Aguan, as the chief executive officer.

Aguan is the founder of leading property firm Agung Sedayu Group.

Originally founded as a fishing company in Tangerang in 2000, PANI has diversified businesses that also include property development at Pantai Indah Kapuk (PIK) area in North Jakarta since Multi Artha Pratama acquired 80 percent of stakes or 328 million shares in PANI in October 2021. 

As of May, Multi Artha has increased its ownership in PANI to 88 percent.

The new business is sponsored by Agung Sedayu Group and Salim Group.

“PANI remains committed to all stakeholders and executing the unique business strategies to achieve the medium- and long-term goals, at least within five years from now,” Aguan said in a statement after the shareholders’ meeting in Jakarta.

“I will push for innovations to optimize our markets at PIK 2 and sustained profitability without compromising the trust of our consumers with efforts and resources that we have,” he added.

PANI recently acquired 762 hectares of land at Pantai Indah Kapuk 2, the new location for an upscale housing and business district on the northern coast of Jakarta.