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PPRO Returns MTN Payments Falling Tempo IDR 300 billion
Jakarta, 30 September 2020 – A property developer with the leading mid-market segment in Indonesia, PT PP Properti Tbk (ticker code: PPRO) has paid off the payment of medium-term debt securities (MTN VII series A) in 2017 amounting to IDR 250 billion which will mature on September 20, 2020 and term notes medium (MTN VII series B) in 2017 amounting to IDR 50 billion which will mature on September 28, 2020.
Taufik Hidayat, President Director of PPRO emphasized that “We continue to strive to apply the principle of prudence and make innovations and breakthroughs in this uncertain market condition, but on the other hand, stakeholder trust is also an important key that we must prioritize. Therefore, PPRO cannot be separated from efforts to maintain investors’ trust, one of which is by paying off MTN until December 2020
according to the jauth tempo “.
Mustarno added that PPRO is also in the process of issuing MTN instruments worth IDR 850 billion, which is targeted to be published in early November 2020. Currently, the MTN issuance process is in the process of registering with the Financial Services Authority (OJK).
PPRO has obtained backups from PTPP as the parent company in the form of shareholder loans (SHL), part of which was realized in July and August 2020. This SHL will be used to meet the operational needs of the Company’s working capital and anticipate future obligations.
PPRO also strives to maintain the Company’s commitment to consumers by completing 6 (six) projects that are ready to be handed over until the close of the year including; Grand Sungkono Lagoon Tower Caspian, Begawan apartments in Malang, Amartha View and The-Alton in Semarang, Evenciio in Margonda Depok and The Ayoma Apartment in Serpong.
“In pandemic conditions, PPRO will continue to go-through to carry out company strategies, including focusing on accelerating the handover of apartment units, strengthening the Company’s information technology in the context of implementing digital marketing, increasing the company’s portfolio in landed house products, controlling direct costs, controlling capital expenditures,” divest shares of Subsidiaries, strengthen cooperation with banks and other efforts to increase liquidity, ”concluded Taufik.
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About PT PP Properti Tbk :
PT PP Properti Tbk (ticker code: PPRO) is a leading state-owned company of PT PP (Persero) Tbk (ticker code: PTPP). The company was founded in December 2013, but has had experience since 1991 and the Company has now become a listing company on the Indonesia Stock Exchange since May 2015. In 2017, the Company split the value of shares from Rp. 100 (one hundred rupiah) to Rp. 25 (twenty five rupiah). The Company has 3 (three) business segments, namely Residential, Commercial and Hospitality. Since 1991 until now, the Company has developed around 49 projects including 33 Residential, 10 Commercial and 6 Hospitality.
