Jakarta’s Ancol Park Management Mulls Options to Raise Funds

By webadmin on 07:20 pm Jul 25, 2012
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Ivan Dasa Saputra

Pembangunan Jaya Ancol (PJAA) is currently weighing two options to raise Rp 200 billion to Rp 300 billion ($21 million to $31.5 million) needed for refinancing and financing projects, company president Budi Karya Sumadi said on Wednesday.

Budi said the company was considering issuing bonds or taking out bank loans.

“We are still studying it, which funding mechanism we will take to finance the needs of the corporation, but we do tend more toward bonds,” Budi said.

Budi said the company needed to raise funds to complete a number of solo and collaborative projects. He cited the 33.6 hectare Ecopark in Ancol, which it is working on together with Jaya Real Property to develop housing and commercial areas in the West Ancol area.

The corporation is also eying two toll road projects, including the seven-kilometer Tanjung Priok access toll road.

PJAA is the owner and operator of the Ancol Dreamland recreational park in North Jakarta. It also deals in the property business, especially by reclaiming land from the sea and selling it.

The Jakarta city administration has a 72 percent majority stake in PJAA while Pembangunan Jaya has 18 percent and the rest is in the hands of the public.