Hankyu Hanshin Holdings Plans to Take Control of Jakarta Mall for $197.2 Million

By Kosaku Narioka

Hankyu Hanshin Holdings Inc. said Monday that it would take control of large commercial facility Central Park Mall in Jakarta, Indonesia, for 28.12 billion yen ($197.2 million) in a bid to strengthen its business in Southeast Asia.

The Japanese railway and real estate company said a fully owned unit would acquire shares of CPM Assets Indonesia, which holds a 15% stake in the commercial property in Jakarta.

The Japanese company said CPM Assets Indonesia is then expected to buy the remaining 85% stake in Central Park Mall from the developer, Agung Podomoro Land.

Hankyu Hanshin said that after the transactions, its unit would hold a 71% stake in CPM Assets Indonesia and Agung Podomoro would own the remaining 29% stake.

Hankyu Hanshin said unit CPM Assets Japan plans to buy new shares as well as existing shares of CPM Assets Indonesia held by current owner Prosperity Queen Ltd. on Sept. 22.

Hankyu Hanshin also said its stake in CPM Assets Japan would fall to 51% around November when the unit receives capital from a third party, which the company didn't identify.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

09-12-22 0524ET