Jakarta, November 23, 2018 – PT Modernland Realty Tbk. (MDLN) recently held an Extraordinary General Meeting of Shareholders (EGMS) in Jakarta.
The meeting, attended by the Board of Commissioners and Directors, approved changes to the composition of the Board of Directors.
The Company also approved the resignation of Cuncun M Wijaya Wibowo as Director.
Following the meeting, the composition of the Company’s Board is as follows:
BOARD OF COMMISSIONERS
- Luntungan Honoris – President Commissioner
- Edwyn Lim – Commissioner
- Dwi Priyatno – Commissioner
- Iwan Suryawijaya – Independent Commissioner
- Nita Tanawidjaja – Independent Commissioner
BOARD OF DIRECTORS
- William Honoris – President Director
- Freddy Chan – Vice President Director
- Dharma Mitra – Director
Freddy Chan stated that, in addition to board changes, the meeting also presented the Company’s 2018 performance.
“Overall, the property sector in 2018 did not show significant growth. However, the Company managed to deliver satisfactory performance,” he said.
The Company’s performance was mainly driven by residential sales, followed by the industrial segment.
One notable transaction included the sale of 349 hectares of land to a joint venture entity with Waskita Realty.
Through its subsidiary PT Mitra Sindo Sukses, the Company launched several residential and commercial products in Jakarta Garden City, including its first vertical residential project, Cleon Park Apartment.
The project, integrated with a lifestyle commercial area, achieved strong sales performance, with 287 units sold out in its initial phases.
In the industrial sector, the Company continues to develop ModernCikande Industrial Estate, including the development of Indonesia’s first integrated halal industrial zone.
“We will continue expanding across all business lines and remain optimistic about the property sector outlook in 2019,” he concluded.