BUVA Acquisition Shares of Bukit Savana, Potential to Contribute 29.01% to Revenue

ISSUER - JAKARTA. PT Bukit Uluwatu Villa Tbk (BUVA) has taken over the shares of PT Bukit Savana Raya (BSR).

According to the disclosure of information from the Indonesia Stock Exchange on Friday (2/2), the total asset value of PT Bukit Savana Raya is IDR 665.85 billion. Compared to the total assets of BUVA as of July 31, 2023, which is IDR 1.94 trillion, the asset value of Bukit Savana Raya is 33.77%.

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The value of the takeover transaction is more than 20% as referred to in POJK Number 17 Article 3 paragraph (2) letter b.

BUVA management stated that this material transaction does not require a General Meeting of Shareholders (RUPS), because the transaction value is not more than 50%.

PT Bukit Savana Raya, currently owned by PT Vasanta Indo Properti (VIP), is engaged in the hospitality industry. The company is in the process of building a hotel project in the Labuan Bajo area, East Nusa Tenggara (NTT).

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According to BUVA management, PT Bukit Savana Raya is projected to generate a total business income of IDR 148.51 billion when the hotel is fully operational in 2025. 

“That figure will contribute 29.01% to BUVA's consolidated revenue,” explained the management in the disclosure of information.

The purpose of this acquisition is in line with BUVA's plan to expand by owning and/or opening new hotels. 

BUVA considers that PT Bukit Savana Raya has good profit potential and has a high-end exclusive experimental luxury concept that is in line with the hotel development strategy currently owned and run by the Company.

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The investment plan carried out by BUVA on PT Bukit Savana Raya is one of the Company's strategies to diversify its asset portfolio, which is currently concentrated in Bali Province.

“In addition, the Company also sees business opportunities in the Labuan Bajo area, which is currently growing rapidly since it was designated as one of the super priority tourism destinations,” revealed the management.

The share takeover transaction was carried out by BUVA on the shares of PT BSR from PT VIP on January 31, 2024.

The object of the transaction is 50% of the paid and placed capital of PT BSR owned by PT VIP. This value is equivalent to 92,875 shares or IDR 112.22 billion.

The management ensures that this material transaction has gone through adequate procedures and is in accordance with applicable business practices. This material transaction is also not an affiliate transaction that contains a conflict of interest.

”The acquisition does not have significant risk potential that currently has a material impact on the Company's operations,” explained the management.