Jiwasraya Insurance and PP Tbk (PTPP) will cooperate to manage Jiwasraya land and property asset of IDR 7 trillion. Both State-owned enterprises (SOE) are in the middle of reviewing the cooperation scheme that will be used, such as joint venture, joint operation, and formation of its subsidiaries.
Hendrisman Rahim, the President Director of Jiwasraya, said that Jiwasraya has many lands and buildings that have not yet optimally managed. PTPP was chosen as a partner since the company has been a contractor and asset property management. Jiwasraya has assets of lands, buildings, offices, and houses across Indonesia
that could be developed as much as possible. They are targeting to cooperate by January 2017. It will be predicted to increase its revenue and investment.
Lukman Hidayat, Director of Business Development, Research
& Technology of PTPP, said that there will be six locations of Jiwasraya land in Jakarta and West Java that will be reviewed. They will see the urban planning whether it is suitable or not for property or office or lifestyle.
Until August 2016, Jiwasraya asset rose significantly by 150% from IDR 23 trillion-IDR 34 trillion. The company recorded investment from IDR 247 billion to IDR 1.9 trillion.
“We are flexible with the scheme. The land is not sale so we could make subsidiary or joint operation for 5 years or integrated joint venture with each company, said Lukman.
PTPP will be ready to be majority holder, if the joint venture works. Lukman said that the company would allocate some of the capex 2017 that reached IDR 2.3 trillion to IDR 2.8 trillion for the cooperation. (*)
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