PT Cowell Development Tbk (COWL) stated that it had sold the Plaza Atrium Senen shopping center on August 16 2023. This information was conveyed by the company through the Indonesian Stock Exchange (BEI) information disclosure.
Quoted from the IDX information disclosure, Monday (25/9/2023), the property development company released a statement on September 18 2023 with types of information or material facts about the purchase or sale of important assets.
Execution of management rights for the Plaza Atrium Segitiga Senen building by Euro Tanada as the collateral holder for facilities provided by PT Bank QNB Indonesia Tbk and Qatar National Bank (QSC) Singapore Branch.
“Based on the Deed of Agreement for the Delivery of Receivables (Cessie) between QNB Indonesia, Tbk and Qatar National Bank (QSC) Singapore Branch with PT Euro Tanada No. 49 dated 27 March 2023 made before Indrasari Kresnadjaja, SH, M.Kn notary in South Jakarta,” reads the statement quoted from the IDX information disclosure.
Apart from that, the document also states that the impact of this incident caused the income of PT Cowell Development Tbk to decrease significantly.
Based on detikcom records, COWL sold the building assets because it was in debt and was declared bankrupt on July 6 2020. Initially, the bankruptcy application was submitted by PT Multi Cakra Kencana Abadi.
“Declaring bankrupt the respondent PT Cowell Development Tbk, whose address is at Cowell Tower, 3rd Floor, Jalan Senen Raya Number 135, Central Jakarta, bankrupt with all the legal consequences,” reads the decision.
Apart from that, trading in COWL shares has also been stopped by the IDX or suspended on all securities markets after the company received a request for a declaration of financial bankruptcy and Postponement of Debt Payment Obligations (PKPU) at the Central Jakarta District Court (PN) and was declared bankrupt.
PT Cowell Development has started its operational activities since 1981. Quoting from the CNBC Indonesia Market channel, COWL’s direct parent entity is PT Gama Nusapala (holding 71.12% of the shares, Feral Investment Inc. 14.35%, Earvin Limited with 8.12% and the remainder community amounted to 6.41%).
Meanwhile, Cowell’s parent company is PT Gama Nusapala, a company owned by PT Lestari Investindo Mandiri (LIM). LIM is a company whose majority shares are owned by Fransiscus Suciyanto.
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