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Jakarta: Limitless LLC will buy 30 per cent stakes in three units of PT Bakrieland Development, Indonesia's biggest property developer by value, as the investment company expands in Asia.
Dubai World's property arm agreed to pay $110 million for the stakes in PT Bakrie Swasakti Utama, PT Bumi Daya Makmur and PT Superwish Perkasa, Bakrieland said in a statement published in Bisnis Indonesia newspaper. Limitless will pay cash and convert some debt into shares, Bakrieland said.
Limitless is expanding in Southeast Asia's largest economy, which the government forecasts may grow 6.4 per cent this year. The Dubai developer will work with Bakrieland on the Indonesian company's Rasuna Episentrum, a residential and office complex in central Jakarta that Limitless can help market to overseas investors.
Opportunities
"One-third of our projects are now in Southeast Asia," Limitless spokes-woman Rebecca Rees said yesterday. "We believe there are endless opportunities" in the region for developing housing and office complexes to meet demand from its economic growth, she said.
Limitless will pay $76.3 million for a 30 per cent stake in Bakrie Swasakti, including $46 million of debt that will be converted into an 18 per cent stake. Bumi Daya's stake will be sold at $14.3 million and Superwish's at $19.4 million.
Bakrieland plans to seek shareholder approval for the sales on April 9. The company will also seek approval to buy a 25 per cent stake in a toll-road operator, it said.
Limitless has announced two projects in Malaysia, of which one will be a 1,115-hectare, mixed-use development and another a waterfront residential complex in Puteri harbour.
Legal issue: DP world to appeal
DP World Ltd said it will contest an Indian court ruling to end its management of the terminal at Mundra in the state of Gujarat.
Pending filing of a brief defending its oversight of the port, "there is no impact" on the Mundra operations, DP World said in a statement yesterday.
The court said DP World violated its port concession agreement, upholding a decision by the state government to terminate its Mundra operations.
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