State construction firm PT PP (PTPP) targets to divest its shares and assets for Rp1.4 trillion value this year. While the realization only reached Rp100 billion so far this year. PTPP divested its affiliated entity PT Sinergi Investasi Properti (SIP) at value of Rp106 billion at end of June 2023. The divestment carried out by PTPP includes the release of shares worth Rp450 billion, and subsidiary assets worth nearly Rp1 trillion. PTPP also plans to divest Krakatau Urban Valley, Komodo Labuan Bajo Airport facility, and PT Odira Energy Karang Agung. This step aims to improve the business portfolio, so that PTPP can focus on working on the construction sector. On the other hand. Efforts to divest shares and assets of PTPP’s subsidiary are still in the process of negotiating with prospective buyers.
