Bakrieland Development will soon build a 10 km road, connecting Jonggol-Bukit Sentul, which is expected to be completed at the end of 2010. With this, the company hopes that the areas will start contribution to revenue next year.
The company has spent Rp5.00tn for the development of Bukit Jonggol and Rp500.0bn for Bukit Sentul, with another Rp300.0bn for infrastructure development.
The company also shared that Avenue Capital Group, a NY-based global investment company, has reduced its stake in ELTY to 12.2% as Avenue did not execute its right issue rights, preferring for a more direct investment in toll road development in the form of US$55.0mn bridging loan.
ELTY is trading at 2011F consensus PER of 15.7x and EV/EBITDA of 14.4x.
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