JAKARTA (Yosefardi) – PT Astra Internasional Tbk (ASII) intends to expand its business, planning to enter life insurance business by early next year, Kontan.co.id reported.
Prijono Sugiarto, ASII’s president director, said Astra will set up joint venture (JV) company with PT Asuransi Aviva Indonesia.
He added Astra also allocates Rp7 trillion fund to build residential tower and office tower in Sudirman street area, Jakarta.
The project will be managed by its unit PT Brahmayasa Bahtera, and will take 4 years for the completion. Astra had in June 2013 signed agreement with Hong Kong Land Group Ltd (HKLG) to build apartment and facilities at Sudirman area.
Brahmayasa will issue 66,400 new shares, 40% of its total issued and paid-up shares capital, to be absorbed by HKLG.