Agung Podomoro to Divest Central Park Mall to Hankyu Holdings Inc

Japan-based company Hankyu Hanshin Holdings Inc is reportedly planning to acquire stakes in Central Park mall in West Jakarta from PT Agung Podomoro Land Tbk (APLN). According to anonymous sources from Bloomberg and Marketwatch, the transaction for the sale of tycoon Trihatma Kusuma Haliman's assets is estimated at US$197.2 million or around Rp 2.96 trillion.

Rumors circulated that this acquisition was carried out to strengthen Hankyu Hanshin's business position in the Southeast Asian market. Hankyu Hanshin will acquire a 15 percent stake in Central Park Mall from PT CPM Assets Indonesia. Then, CPM Assets Indonesia is expected to buy the shares of Central Park Mall, which is 85 percent owned by Agung Podomoro Land. The estimated ownership ratio after the transaction is 71.4 percent by Hankyu Hanshin through the CPM Assets entity and APLN owns the remaining 28.6 percent stake.

On December 8, APLN sold a portion of the Certificate of Ownership on Central Park Mall Flats (SHMSRS) to PT CPM Assets Indonesia for Rp 704.96 billion. "Until now, there is no information that we can convey. As a public and public company, APLN will provide information disclosure, at the right time, if there are material facts related to the business activities carried out," APLN's Corporate Secretary F. Justini Omas said, quoted as saying by Kontan.co.id on Tuesday.