PP Properti Tbk (PPRO) projects capital expenditure (capex) of around IDR 1 trillion next year which will be used for additional landbank and mall development.
Taufik Hidayat, President Director of PPRO, said the company plans to add landbank of 20-30 hectares.
PPRO will open 3 malls to be located at Grand Kamala Lagoon Bekasi, Grand Dharmahusada Lagoon, and Grand Sungkono Lagoon Surabaya, are targeted to open next year. The total investments have reached IDR 520 billion.
Taufik said the fund used for capex is from rights issue that will be applied by the first quarter of 2017. The company is targeting IDR 1.6 trillion from rights issue, with capital injection details of IDR 1 trillion from PTPP and the rest will be from the public. (*)
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