PT Summarecon Agung Tbk | Laporan Tahunan 2010 Annual Report

These consolidated financial statements are originally issued in Indonesian language.
1. GENERAL (continued)
PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2010 and 2009
(Expressed in thousands of rupiah, unless otherwise stated)
c. The Company’s Subsidiaries (continued)
Percentage of
Start of Ownership (%) Total Assets Before Elimination
Principal Commercial
Company Domicile Activity Operations 2010 2009 2010 2009
Direct Subsidiaries (continued)
PT Summarecon Property
Development (SPD) Jakarta Real estate - 99.99 - 25,000 -
PT Summarecon Investment
Property (SIP) Jakarta Real estate - 99.99 - 25,000 -
Indirect Subsidiaries
PT Jaya Bangun Abadi
(JBA) 2) Tangerang Real estate - 99.81 99.81 65,362,705 214,430,140
PT Bhakti Karya Vita
(BKV) 3) Tangerang Hospital - 60.00 60.00 40,529,028 10,748,721
PT Serpong Tatanan
Kota (STK) 4) Tangerang Real estate - 99.81 - 500,000 -
PT Bali Indah Property
(BIP) 5) Bali Real estate - 99.99 - 3,618,560 -
PT Bali Indah
Development (BID) 6) Bali Real estate - 92.50 - 35,322 -
1) 59.55% directly-owned and 39.98% indirectly-owned through SCK
2) 99.81% owned by SCK
3) 60.00% owned by SCK
4) 99.80% owned by SCK
5) 99.99% owned by SBI
6) 92.50% owned by SBI
In 2009, the Company acquired additional 12,446 shares of LMD for Rp12,446,000, but
maintained the same percentage of ownership at 59.55%. Further in 2010, the Company acquired
additional 50,391 shares of LMD for Rp50,391,000, but maintained the same percentage of
ownership at 59.55%.
In December 2010, PT Summerville Property Management (SPM) increased its capital stock from
Rp1,000,000 to become Rp17,000,000 and increased its issued and fully paid capital stock from
Rp250,000 to become Rp4,287,000 with par value per share of Rp1,000,000 (full amount). The
increase in capital stock was notarized under deed No. 66 dated December 16, 2010 of Dewi
Himijati Tandika, S.H., and was approved by the Ministry of Justice and Human Rights in its
Decision Letter No. AHU-07116.AH.01.02 dated February 10, 2011. The Company acquired
additional 4,037 shares of SPM for Rp4,037,000, increasing the Company’s ownership from
99.20% to 99.95%.
In December 2010, Eskage increased its capital stock from Rp2,000,000 to become Rp30,000,000
and increased its issued and fully paid capital stock from Rp500,000 to become Rp9,356,000 with
par value per share of Rp1,000,000 (full amount). The increase in capital stock was notarized
under deed No. 65 dated December 16, 2010 of Dewi Himijati Tandika, S.H. The Company
acquired additional 8,856 shares of Eskage for Rp8,856,000, increasing the Company’s ownership
from 99.00% to 99.95%.
In 2009, the Company established a new Subsidiary, named SH, with capital stock of
Rp10,000,000 consisting of 2,500 shares with par value per share of Rp1,000,000 (full amount).
The Company subscribed for 2,499 shares for Rp2,499,000 and fully paid Rp2,500,000 for the
shares representing 99.96% ownership. SH has just started its commercial operations in May
2010. In December 2010, SH increased its capital stock from Rp10,000,000 to become
Rp200,000,000 and increased its issued and fully paid capital stock from Rp2,500,000 to become
Rp56,523,000 with par value per share of Rp1,000,000 (full amount). The increase in the capital
stock was notarized under deed No. 63 dated December 16, 2010 of Dewi Himijati Tandika, S.H.,
and was approved by the Ministry of Justice and Human Rights in its Decision Letter No. AHU-
06582.AH.01.02 dated February 9, 2011. The Company acquired additional 54,023 shares of SH
for Rp54,023,000, increasing the Company’s ownership from 99.996% to 99.998%.
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