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'Eka Tjipta' Enters Krakatau, Secretly Builds a Mega Project

'Eka Tjipta' Enters Krakatau, Secretly Builds a Mega Project

Indonesia, Andrianus.my.id - PT Krakatau Sarana Properti (KSP), which is a subholding alias subsidiary of PT Krakatau Steel Tbk (KRAS), sold land in the Krakatau Industrial Area to Asia Pulp & Paper (APP), which is the Sinar Mas Group.

In total, KSP sold 19 hectares (ha) of land under the management of the company's business unit for nearly IDR 500 billion. The signing of the sale and purchase itself was carried out Monday (28/11/2022).

"The signing process went smoothly. This is history and a positive step forward for both parties. We have been in touch for 1 year with Sinar Mas and in the end we have a match. KSP is pleased that a large local investor has entered the Krakatau industrial area. Hope for the future, Sinar Mas Group is also entering the KSP commercial area and participating in building a smart city in Cilegon," said Ridi Djajakusuma, Main Director of PT. Krakatau Sarana Properti in the official written release statement, Tuesday (29/11/2022).

It is planned that APP Sinar Mas will immediately start a factory construction project in 2023 as a chemical industry development for the Sinar Mas group in order to fulfill and complete the business downstream that has been carried out by APP Sinar Mas.

Furthermore, KSP is currently actively developing its business expansion in the future. Not only focusing on managing industrial estates, KSP will also make various other breakthroughs such as developing commercial residences, building an industrial eco park for the Krakatau industrial area, plans to purchase new land outside Cilegon and collaborating with industrial estates in the new capital region of the Nusatara (IKN) ).

"The presence of APP Sinar Mas in Cilegon proves that the market share of local players is as important as other foreign investors and KSP is always ready to provide space for local industry players who wish to invest in the Krakatau industrial area, all of our supporting facilities are very complete, integrated and strategic," concluded Ridi Djajakusuma.

Sinar Mas itself is a business conglomerate founded and owned by the Eka Tjipta Widjaja family. Meanwhile, the Krakatau Group is a business line owned by a State-Owned Enterprise (BUMN), which is known for its steel business.

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