Modernland booked Rp648bn 1Q13 marketing sales
In Indonesia Market Summaries as of 1Q13, MDLN has booked an on-track marketing sales of Rp648bn which is 24% of the company’s full year target of Rp2.6tn. More than half of the sales came from Modern Gateway, which is the landbank sold to ASRI, which contributed 61% to total marketing sales. The second major contributor is from Modern Cikande Industrial Estate which contributed Rp133bn or 20% to total marketing sales. From MDLN’s residential projects, contribution still came from Kota Modern (8%) and Modernhill (6%). (Company release)
The Lippo Group to bring 3 of their affiliated companies public in 2Q13
The Lippo Group is planning to list 3 of their affiliated companies public in 2Q13 with a value of at least Rp1.8tn. The three companies are PT Multipolar Technology, PT Bank Nationalnobu, and PT Siloam Hospital. PT Multipolar Technology, which is the direct subsidiary of MLPL in the IT sector, has yet to disclose the total value of their IPO but is expected to be less than Rp1tn. Bank Nobu is targeting an IPO proceed of Rp800bn with an expected free float of 40%. Meanwhile, Siloam Hospital targets an IPO proceed of Rp100bn with an expected free float of 25%. (Bisnis Indonesia)
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