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INDONESIA’S hospitality business is now under pressure from the corona virus (COVID-19) pandemic. However, PT Indonesia Paradise Property Tbk (INPP) has strengthened its business in the hotel sector. INPP now controls 92.73% of shares in POP! Sangaji Hotel Yogyakarta.
Previously, INPP controlled 50% of PT Kega Properti Utama’s shares, owner of POP! Sangaji Hotel Yogyakarta. Then INPP bought 42.73% of Kega’s shares, which was narrowed by PT Rampaka Redana Cakra.
Based on information disclosure on the Indonesia Stock Exchange, INPP bought all of Kega’s shares in PT Rempaka for IDR4.25 billion. “This transaction aims to make INPP more focused on the hotel business after becoming a controlling shareholder and increasing INPP in the property sector,” said INPP Corporate Secretary, Ispandiati Makmur in the company’s disclosure of information.
INPP recorded an okay performance throughout 2019 with net profit of Rp 2.02 trillion, up 2,559% compared to 2018. This was mainly derived from the sale of PT Plaza Indonesia Realty Tbk shares controlled by INPP by 42.55%. [kontan.co.id/photo special]
