Founder SD Darmono Returns to Lead Jababeka as President Director, Embarks on New Strategic Direction

Jakarta, June 28, 2024 – FOUNDER of PT Jababeka Tbk (KIJA) Setyono Djuandi (SD) Darmono has returned to serve as President Director who has previously served as President Commissioner of the Company. He returns to lead  Jababeka to embark on new strategic directions, including solving the company’s various problems.

This was decided through the Annual General Meeting of Shareholders (RUPST) for the 2023 Fiscal Year which was held at the President Lounge, Menara Batavia Jakarta on Friday (28/6/2024).

Darmono said, “The company’s financial position is very healthy with equity of IDR 6.9 trillion, far above the total loan amount of approximately IDR 4.4 trillion.”

However, SD Darmono, explained, looking at the current and future economic situation, the amount of debt still burdens the company.

“If it is not offset by sufficient sales from land banks (book value) of around Rp7.6 trillion, even though the market value is around Rp21.6 trillion,” said Darmono.

Then to solve these problems, the Company has made strategic steps, starting from (1) the Company’s authorized capital needs to be increased to provide readiness for the Company if in the future the Company will carry out a right issue plan so that the Company’s authorized capital is sufficient. The purpose of the future right issue plan is to reduce the amount of debt;

(2) The company’s performance needs to be improved through the sale of assets that do not immediately provide yields; (3) Reducing unnecessary costs and achieving efficiency with centralized control will be carried out immediately to create a synergy in Jababeka; and (4) Selling subsidiaries that do not meet expectations.

Thus, it is hoped that the company will become healthier and be able to provide dividends as expected and increase value for shareholders.

The change of position at SD Darmono was also followed by the rotation of the board of directors and commissioners, where the formulation of the company’s management was as follows.

Board of Commissioners

Board of Commissioners President Commissioners/Independent Commissioners: Drs. Suhardi Alius, MH
Commissioner: Gan Michael
Commissioner/Independent Commissioner: Basuri Tjahaja Purnama

Board of Directors

President Director : Setyono Djuandi Darmono
Deputy President Director : Budianto Liman
Director : Tjahjadi Rahardja
Director : Hyanto Wihadhi
The article above is the result of an article in this exchange media.

The article above is an edited version on this exchange media.