Adhi Karya wins Mangkuluhur Tower

Construction company PT Adhi Karya (ADHI) Tbk wins Rp455.5 billion contract to design and build Mangkuluhur Office Tower in Jl. Gatot Subroto Kav.1 (Semanggi area), Jakarta.

Mangkuluhur Office Tower is owned by PT Wisma Purnayudha Putra with proposed three floors of basement and 30 storeys of office space. The project will be completed in 21 months.

PT Adhi Karya Tbk is one of the largest construction companies in Indonesia. The company reported sales revenue of Rp4.857 trillion in nine months of 2009 or about US$520 million, increased 32.6% from the same period in 2008. But the company only reported net profit of Rp64.15 billion or a profit margin of 1.3%.

The company had total asset of Rp5.578 trillion or about US$600 million as of Sept 30, 2009. The stock gained 4.05% today to Rp385. At that price, ADHI has market capitalization of Rp693 billion only or 12.4% of total asset. The stock has lost 21.4% its value since October 20, 2009.

Who owns PT Wisma Purnayudha Putra? It's not clear. Some said Tommy Soeharto, son of the late former president Soeharto, owns substantial shares in the company. Probably because Mangkuluhur is the middle name of Tommy's son, Dharma. Politician from President SBY's Demokrat Party, Roestanto Wahidin Dirdjojuwono, is listed as commissioner in this company since 2003.

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