Billionaire Salim-Backed PIK 2 Doubles Down On $2.6 Billion Indonesian Tourism Estate Project [Forbes]
PT INDOFOOD SUKS UNSP/ADR (PIFMY)
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Source: Forbes
(PIK 2)—an Indonesian property developer backed by billionaire and entrepreneur Sugianto Kusuma—is doubling down on its investment in a 40 trillion rupiah ($2.6 billion) tourism estate project in a coastal town north of Jakarta. The Jakarta-listed company bought an additional 232 hectares of land for 6.5 trillion rupiah, increasing the size of the tourism estate to over 1,800 hectares. The sprawling complex in Banten province will feature a safari area, golf course, hotels and an international motor racing circuit when completed by 2060. The project will be connected to Jakarta and Soekarno-Hatta International Airport via the 40-kilometer Katara toll road, which is currently under construction and expected to open within a year. The additional investments will be funded from the $420 million PIK 2 raised from two private share placements this month. The shares were fully subscribed by PIK 2's controlling shareholder Multi Artha Pratama, 50-50 joint venture by Salim and Kusuma.
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