Hanson Drags HK to AGO Confiscated Land

By Editorial Team 15/05/2020
Topic

PT Hanson International Tbk (MYRX), through one of its subsidiaries, PT Harvest Time, apparently signed an exclusive sale and purchase agreement worth Rp 1.8 trillion with PT Hutama Karya (HK), a state-owned construction company (SOE/BUMN). In a disclosure of information to the Indonesia Stock Exchange on Wednesday (5/13), MYRX mentioned the sale and purchase agreement signed on December 18, 2019, covering an area of ​​around 600 hectares in Maja District, Lebak, Banten, at a price of Rp 300,000 per square meter. Thus, the total value reached Rp 1.8 trillion.

According to MYRX, the price of land sold is around 45 percent cheaper than land valuation conducted by an independent appraiser, which evaluates the value of the land is Rp 540,000 per square meter. "Our company hopes that this agreement will be followed up by both parties so that the sustainability of our company is maintained and reduces the amount of the company's obligations to creditors," said Hartono Santoso, Director of MYRX.

 

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