Monday, March 9, 2015

Sinarmas Land

Sinarmas Land: Group disclosed that it has not made any formal IPO submission to Otoritas Jasa Keuangan (Indonesia's equivalent of the Capital Market and Financial Institutions Supervisory Agency), for its proposed listing of subsidiary, PT Puradelta Lestari (PDL).

Recall, counter spiked 6.4% on Friday after news sources cited that the property developer revived talks on spinning off its 49.4%-owned industrial property arm in a US$300m IPO on Indonesian Exchange sometime this year.

PDL is the contractor and developer of Kota Deltamas, a mixed development project located at Bekasi Regency, West Java, Indonesia, which includes residential, commercial and industrial units, spanning an area of about 3,000 hectares.

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