Jakarta, December 30, 2024 – Property issuer PT Modernland Realty Tbk. (MDLN) reaffirmed its commitment to strengthening its business by holding an Extraordinary General Meeting of Shareholders (EGMS) on Monday, December 30, 2024, at the Club House Jakarta Garden City, Jakarta. The meeting was attended by shareholders, the Board of Commissioners, and the Board of Directors.
The main agenda of this EGMS was to seek shareholders’ approval for a plan to guarantee the Company’s assets or wealth exceeding 50% of the Company’s net assets, either currently or in the future.
“This approval is necessary as a precautionary step, considering the potential for asset guarantees exceeding 50% of the Company’s net assets, either through new guarantees or collateral exchanges in the future,” stated Iwan Suryawijaya, Independent Commissioner of the Company.
Iwan Suryawijaya added that approval for the asset guarantee plan, including but not limited to mortgages, fiduciary pledges, pledges, corporate guarantees, and/or other instruments to secure debts in one or more transactions, whether related or not, including the Company’s and/or subsidiaries’ debts, is valid until the next Annual General Meeting, in accordance with the Company’s Articles of Association and applicable regulations.
In the EGMS resolution, shareholders approved the corporate action and granted authority to the Board of Directors to implement the approved plan.
As of Q3-2024, PT Modernland Realty Tbk. recorded marketing sales of IDR 855 billion. The residential segment, as the main contributor, achieved IDR 648 billion, up 18% from the previous quarter but down 21% YoY.
Sales were dominated by Jakarta Garden City, followed by Modernland Cilejit and KotaModern. Other contributions came from the industrial segment at IDR 79 billion, up 2% from the same period last year. Hospitality, golf & country club, and other segments contributed IDR 128 billion, up 17% YoY.
Modernland Realty remains confident that residential property sales, particularly landed homes and commercial areas, will continue to be the backbone of the domestic property industry in 2025. This optimism is supported by government policies and the establishment of the Ministry of Housing and Settlements to strengthen inter-agency coordination, regulate, improve housing shortage data, and ensure proper financing programs for the public. As part of its innovation- and sustainability-focused development strategy, the Company remains committed to launching property products across various market segments.