ELTY - Limitless to Settle Issue in Q1

VIVAnews - PT Bakrieland Development Tbk (ELTY) is targeting that the proposal for paying off the acquisition of its three subsidiaries by Limitless World LLC will be ready in no time.

"We are expecting that it will be prepared in the first quarter of this year," Bakrieland Corporate Secretary Nuzirman Nurdin told VIVAnews on Friday, Jan 22.

According to Nuzirman, today both parties are still under a discussion to settle the acquisition of around 30 percent of shares in three Bakrie's subsidiaries such as PT Bakrie Swasakti Utama, PT Bumi Daya Makmur, and PT Superwish Perkasa.

However, he did not mention further about the agreed options outlined in the payment scheme.

Meanwhile, Nuzirman acknowledged that the critical issues coiling around Dubai World, the holding company of Limitless, will not affect the company significantly. Limitless is a minority shareholder of Dubai World, which is working on the Rasuna Epicentrum Kuningan project.

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Translated by: Bonardo Maulana Wahono