Jakarta, CNBC Indonesia – PT Krakatau Sarana Properti (KSP), which is a sub-holding aka subsidiary of PT Krakatau Steel Tbk (KRAS), has sold land in Krakatau Industrial Zone to Asia Pulp & Paper (APP), which is Sinar Mas Group.
In total, KSP sold 19 hectares (ha) of land under the enterprise unit management of the company for nearly IDR 500 billion. The signing of the trade itself was done on Monday (11/28/2022).
“The signing process went smoothly. This is history and a positive step forward for both parties. We have been in contact with Sinar Mas for 1 year and have finally corresponded. KSP is delighted that a large local investor has entered the Krakatau Industrial Zone. Hope for the future, Sinar Mas Group is also entering the KSP business area and participating in the construction of a smart city in Cilegon,” said Ridi Djajakusuma, Chief Director of PT. Krakatau Sarana Properti in Official Written Release Statement, Tuesday (11/29/2022).
APP Sinar Mas is expected to immediately start a factory construction project in 2023 as a chemical industry development for Sinar Mas Group in order to realize and complete the downstream business which was done by APP Sinar Mas.
Furthermore, KSP is currently actively developing its business expansion in the future. Not only focusing on the management of industrial estates, KSP will also carry out various other advances such as the development of commercial residences, the construction of an industrial ecological park for Krakatau industrial estate, plans to purchase new land outside Cilegon and the collaboration with industrial estates in the Nusatara New Capital Region (IKN) ).
“The presence of APP Sinar Mas in Cilegon proves that the market share of local players is as important as that of other foreign investors and KSP is always ready to provide space for local sector players who wish to invest in Krakatau industrial area, all Our support structures are very comprehensive, integrated and strategic,” concluded Ridi Djajakusuma.
Sinar Mas itself is a business conglomerate founded and owned by the Eka Tjipta Widjaja family. Meanwhile, the Krakatau Group is a business line owned by a state-owned enterprise (BUMN), known for its steel business.
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