Officially annexed shares of China Sonangol, Media Group Fully Owns Indonesia’s Skyscraper 1 Page all

JAKARTA, KOMPAS.com – Media Group through PT Media Properti Indonesia (MPI) has officially become shareholders all of Indonesian Building 1 on Jalan MH Thamrin, Central Jakarta.

“Media Group through MPI has become the full owner of Indonesia 1 and we will continue the construction of the twin towers,” said Media Group CEO Mohammad Mirdal Akib in a virtual press conference, Friday (18/3/2022).

Mirdal explained that MPI had carried out the process of acquiring 100 percent of the Indonesia 1 Building project from China Sonangol Media Investment (CSMI) in December 2021.

With the full ownership, CSMI changed its name to PT Surya Indonesia 1 Properti.

Also read: Sued by Media Group, China Sonangol Ready to Go through Legal Process

“Currently the building is in the process of completion, there are still around 40 percent left, it is estimated to be completed in December 2023 with topping off about four months from today,” he said.

Previously, internal chaos occurred within CSMI, which is a joint venture between a subsidiary of China Sonangol Group (CS), namely PT China Selamatol Real Estate Pte Ltd (CSRE), and a local investor, namely PT MPI which is a subsidiary of Media Group (MG). .

In fact, MPI reported PT China Sonangol Media Investment (CSMI) to Polda Metro Jaya, Thursday (15/7/2021), for the alleged fraud and embezzlement of the Indonesia 1 project investment on Jalan MH Thamrin, Central Jakarta.

In its report, MPI assessed that CSMI had violated the agreement because it did not pay the agreed share distribution commitment of 30 percent to MPI.

In addition, CSRE who was then a shareholder majority the project is also suspected of transferring CSMI shares to other parties. Thus, MPI’s share ownership in the project is becoming increasingly unclear.

Previously, it was agreed that 30 percent of the shares would be owned by MPI according to the initial planning for the construction of the building. However, over time, it changed to only 10 percent.

Also read: China Sonangol Reveals Media Group Has IDR 1.4 Billion in Debt

The changes did not stop there, MPI’s share continued to shrink and it was admitted that it was only one percent.

With MPI’s share ownership that is not comparable to the CSRE, MPI’s strategic position and interests in CSMI to complete the development of Indonesia 1 are threatened.

President Jokowi attended

To note, Indonesia 1 is a multifunctional building area, which includes offices, podium retail areas, and luxury residences.

Inside there are two towers, the North Tower which is 58 floors high and the South Tower which is 57 floors high.

The total floor area of ​​Indonesia 1 reaches 306,000 square meters, on an area of ​​18,900 square meters.

Indonesia 1 was built since 2015, with the laying of the first stone inaugurated by President Joko Widodo. The development of Indonesia 1 is estimated to cost Rp 8 trillion.

Also read: New Chapter of Indonesia 1 Case, China Sonangol Denies Surya Paloh’s Share Claim

This project is claimed to be an international-scale building that rises as high as 303 meters. The naming Indonesia 1 means one spirit, one pride, and one goal to build the nation.

This building will be certified Greenmark Platinum Grade A for an international class commercial building and is connected and has direct access to the MRT station being built in the area.

All facilities in the building will also be operated by carrying out environmentally friendly principles and using renewable energy.

“In this case, MPI cooperates with a third party, namely Colliers, which is an investment management company that will handle the sale of Indonesia 1,” he concluded.

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