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DISCLOSURE OF INFORMATION TO SHAREHOLDERS OF
PT BUKIT ULUWATU VILLA TBK
TO COMPLY WITH
FINANCIAL SERVICES AUTHORITY REGULATION NO. 17/POJK.04/2020 ON
MATERIAL TRANSACTIONS AND CHANGE OF BUSINESS ACTIVITIES
THE INFORMATION SET FORTH IN THIS DISCLOSURE OF INFORMATION IS IMPORTANT AND SHOULD BE
DULY CONSIDERED BY THE SHAREHOLDERS OF PT BUKIT ULUWATU VILLA TBK (THE “COMPANY”) IN
RELATION TO THE ACQUISITION OF 99.99% OWNERSHIP OF THE SHARES HELD BY PT SUMMARECON BALI
INDAH AND PT BALI INDAH DEVELOPMENT IN PT BUKIT PERMAI PROPERTI (“BUKIT PERMAI”)
(HEREINAFTER REFERRED TO AS THE “BUKIT PERMAI ACQUISITION”).
THIS DISCLOSURE OF INFORMATION TO THE SHAREHOLDERS OF THE COMPANY IS DELIVERED BY THE
COMPANY TO COMPLY WITH THE REQUIREMENT UNDER FINANCIAL SERVICES AUTHORITY REGULATION
(THE “OJK”) NO. 17/POJK.04/2020 ON MATERIAL TRANSACTIONS AND CHANGE OF BUSINESS ACTIVITIES
( “OJK REGULATION NO. 17/2020”).
THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS OF THE COMPANY STATE THAT THE
BUKIT PERMAI ACQUISITION CONSTITUTES A MATERIAL TRANSACTION FOR THE COMPANY AS
REFFERED TO IN OJK REGULATION NO. 17/2020, BUT DOES NOT CONTAIN ANY ELEMENT OF CONFLICT
OF INTEREST AS REFERRED TO IN OJK REGULATION NO. 42/POJK.04/2020 ON AFFILIATED
TRANSACTIONS AND CONFLICT OF INTEREST TRANSACTIONS (“OJK REGULATION NO. 42/2020”).
IF YOU HAVE ANY DIFFICULTY UNDERSTANDING THE INFORMATION CONTAINED IN THIS DISCLOSURE
OF INFORMATION, YOU SHOULD CONSULT WITH A LEGAL ADVISOR, PUBLIC ACCOUNTANT, FINANCIAL
ADVISOR, OR OTHER PROFESSIONAL ADVISOR.
PT Bukit Uluwatu Villa Tbk
Main Business Activity:
Hospitality and Real Estate
Owned or Leased
Domiciled in Badung Regency, Bali
Head Office Address:
Jalan Belimbing Sari, Br. Tambyak, Desa Pecatu, Kecamatan Kuta Selatan,
Kabupaten Badung, Bali 80316, Indonesia
Telephone: (0361) 8482166
Faximile: (0361) 8482188
Branch/Representative
Office Address:
Graha Iskandarsyah, 10th floor, Jalan Sultan Iskandarsyah No. 66C, Jakarta Selatan
12160, Indonesia
Telephone: (021) 7209957
Faximile: (021) 7207523
Website: www.buvagroup.com
Email: corsec@buvagroup.com
THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS OF THE COMPANY, BOTH
INDIVIDUALLY AND COLLECTIVELY, ACCEPT FULL RESPONSIBILITY FOR THE COMPLETENESS AND
ACCURACY OF ALL MATERIAL INFORMATION OR FACTS CONTAINTED IN THIS DISCLOSURE OF
INFORMATION AND, AFTER CONDUCTING DUE AND CAREFUL EXAMINATION, AFFIRM THAT THE
INFORMATION DISCLOSED HEREIN IS TRUE AND THAT NO MATERIAL AND RELEVANT FACTS HAVE
NOT BEEN DISCLOSED OR REMOVED THAT WOULD RENDER THE MATERIAL INFORMATION IN THIS
DISCLOSURE OF INFORMATION TO BE INACCURATE AND/OR MISLEADING.
This Disclosure of Information is issued on 2 December 2025
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DEFINITIONS AND ABBREVIATIONS
BID : PT Bali Indah Development, a limited liability company
established under the laws of the Republic of Indonesia, domiciled
in Badung Regency.
Securities Administration : PT EDI Indonesia as the securities administration bureau,
Bureau appointed by the Company to carryout the administration of the
Company's shares.
Bukit Permai : PT Bukit Permai Properti, a limited liability company established
under the laws of the Republic of Indonesia, domiciled in Badung
Regency.
GUN : PT Griya Uluwatu Nawasena, a limited liability company
established under the laws of the Republic of Indonesia, domiciled
in South Jakarta.
Ministry of Law : Abbreviation for Ministry of Law of the Republic Indonesia
(formerly known as the Ministry of Law and Human Rights of the
Republic of Indonesia, the Department of Law and Human Rights
of the Republic of Indonesia, the Department of Justice of the
Republic of Indonesia, the Department of Law and Legislation of
the Republic of Indonesia, or by other names).
MOL : Abbreviation for Minister of Law of the Republic of Indonesia
(formerly known as the Minister of Law and Human Rights of the
Republic of Indonesia, the Minister of Justice of the Republic of
Indonesia, the Minister of Justice and Human Rights of the
Republic of Indonesia, or by other names).
NBR : PT Nusantara Bali Realti, a limited liability company established
under the laws of the Republic of Indonesia, domiciled in South
Jakarta.
OJK : Abbreviation for Financial Services Authority (Otoritas Jasa
Keuangan), an independent state institution vested with
functions, duties, and authorities of regulation, supervision,
examination, and investigation as stipulated under Law No. 21 of
2011 on Financial Services Authority, as amended by Law No. 4 of
2023 on Development and Strengthening of the Financial Sector.
Bukit Permai Acquisition : The shares acquisition transaction in Bukit Permai owned by SBI
and BID by the Company, amounting to 99.99% (ninety-nine point
nine nine percent) of the issued and paid-up capital of Bukit
Permai, with the following details:
1. SBI sells and transfers the amount of 335,273,217 shares of
SBI in Bukit Permai to the Company based on the Deed of
Shares Sale and Purchase Agreement No. 22 dated 28
November 2025, drawn up before Rini Yulianti, S.H., Notary
in East Jakarta, between the Company as the Buyer and SBI as
the Seller (“SBI’s SPA”); and
2. BID sells and transfers the amount of 143,564,893 shares of
BID in Bukit Permai to the Company based on the Deed of
Shares Sale and Purchase Agreement No. 23 dated 28
November 2025, drawn up before Rini Yulianti, S.H., Notary
in East Jakarta, between the Company as the Buyer and BID
as the Seller (“BID’s SPA”).
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Company : PT Bukit Uluwatu Villa Tbk, a limited liability company
established under the laws of the Republic of Indonesia, domiciled
in Badung Regency.
OJK Regulation No. 17/2020 : OJK Regulation No. 17/POJK.04/2020 on Material Transactions
and Change of Business Activities.
OJK Regulation No. 35/2020 : OJK Regulation No. 35/POJK.04/2020 on Valuation and
Presentation of Business Valuation Reports in the Capital Market.
OJK Regulation No. 42/2020 : OJK Regulation No. 42/POJK.04/2020 on Affiliated Transactions
and Conflict of Interest Transactions.
CSPA : Deed of Conditional Sale and Purchase Agreement No. 11 dated 30
January 2025, drawn up before Rini Yulianti, S.H., Notary in East
Jakarta, between the Company, GUN, SBI and BID, as amended by:
1. Deed of Amendment and Restatement of Conditional Sale and
Purchase Agreement No. 2 dated 1 July 2025 drawn up before
Rini Yulianti, S.H., Notary in East Jakarta, between the
Company, GUN, SBI and BID; and
2. Deed of Second Amendment and Novation of Conditional Sale
and Purchase No. 17 dated 30 September 2025, drawn up
before Rini Yulianti, S.H., Notary in East Jakarta between the
Company, NBR, GUN, SBI and BID.
SBI : PT Summarecon Bali Indah, a limited liability company
established under the laws of the Republic of Indonesia, domiciled
in East Jakarta.
Material Transaction : Transaction conducted by the Company that meets the value
thresholds as set out under OJK Regulation No. 17/2020.
RECITALS
The information as stipulated in this Disclosure of Information is delivered to the shareholders of the
Company in relation to the transaction carried out by the Company with SBI and BID, which constitutes
a Material Transaction and therefore is subject to the procedures stipulated under the OJK Regulation No.
17/2020.
The Material Transaction which is the Bukit Permai Acquisition disclosed in this Disclosure of
Information is the acquisition transaction of shares in Bukit Permai owned by SBI and BID by the
Company, amounting to 99.99% (ninety-nine point nine nine percent) of the total issued and paid-up
capital of Bukit Permai, which fulfill the Material Transaction criteria as follows:
1. The transaction value paid by the Company based on the CSPA for the acquisition transaction of
shares in Bukit Permai is IDR536,233,171,320 or equivalent to 37.47% (thirty-seven point four seven
percent) of Company’s equity based on the consolidated financial statement of the Company and its
Subsidiaries as of 30 June 2025, 31 December 2024 and 31 December 2023 (“Company’s Financial
Statement as of 30 June 2025”); and
2. The total asset value of Bukit Permai based on Bukit Permai’s financial statement as of 30 June 2025
divided by the total asset value of the Company based on Company’s Financial Statement as of 30
June 2025 is amounting to 23.47% (twenty-three point four seven percent).
The net profit and operating revenue of Bukit Permai based on the financial statements of Bukit Permai
as of 30 June 2025, divided by the net profit and operating revenue of the Company based on the financial
statements of the Company as of 30 June 2025, are 0.26% (zero point two six percent) and 6.05% (six
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point zero five percent), respectively.
In relation to the acquisition of Bukit Permai, the Company, SBI, and BID have agreed to enter into a
conditional share sale and purchase agreement as set out in the CSPA. Furthermore, the Company and
SBI, as well as the Company and BID, have executed deeds of sale and purchase, namely the SBI’s SPA and
BID’s SPA, each on 28 November 2025, which constitute a Material Transaction.
In accordance with the provisions under Article 6 paragraph (1) point (a), point (b) and point (c) OJK
Regulation No. 17/2020, the Company is required to comply with the procedures to carry out a Material
Transaction, namely: (i) engaging an appraiser to determine the fair value of the Material Transaction
object and (ii) announcing the disclosure of information to the public and submitting such disclosure to
the OJK no later than 2 (two) business days following the date of the Material Transaction.
This Material Transactions does not require the approval of the General Meeting of Shareholders (“GMS”)
of the Company, as the transaction value and the total assets of Bukit Permai do not exceed 50.00% (fifty
percent) of the Company’s equity, total assets, net profit, and operating revenue based on the Company’s
Financial Statements as of 30 June 2025.
DESCRIPTION OF THE TRANSACTION
1. BACKGROUND, RATIONALE AND BENEFITS OF THE TRANSACTION
The Company continuously evaluates the strategic opportunities that may strengthen the Company’s
position and its business performance on a sustainable basis. In this context, the Company views the
Bukit Permai Acquisition as a strategic move which align with the Company’s long term plan to
broaden its portfolio in hospitality, premium property, and tourism sectors.
Bukit Permai is a company engaged in the real estate business, either owned or leased, with its
principal asset being a plot of land of approximately 19.3 hectares located adjacent to Alila Villas
Uluwatu, Bali, one of the Company’s flagship properties. The Uluwatu area is widely recognized as a
premier high-end tourism destination in Bali and holds significant growth potential for the
development of hotels, villas, residential projects, and other lifestyle destinations.
Given its strategic location and proximity to the Company’s existing assets, the Bukit Permai
Acquisition is expected to generate significant synergy potential in terms of operations, marketing,
and asset management. Furthermore, the Bukit Permai Acqquisition is anticipated to expand the
Company’s landbank in Bali’s premium area, which has long served as a key contributor to the
Company’s revenue and reputation in the hospitality sector.
The benefits that will be obtained by the Company, either directly or indirectly in relation to the Bukit
Permai Acquisition are:
a. With the land ownership close to Alila Villas Uluwatu, the Company may optimalised the use of
resources, supporting facilities, and operational infrastructure more efficiently. This synergy
has the potential to reduce management costs and enhance operational efficiency.
b. Through this asset integration into the Company’s portfolio, it is expected that new project
development opportunities will emerge, capable of generating additional sources of income,
both from sales and recurring income through hospitality activities and similar property
ventures.
c. Considering the positive trend in the tourism and property sectors in Bali, the value of Bukit
Permai’s assets has the potential to increase significantly in the medium to long term. This will
contribute to the overall growth of the Company’s asset value and profitability.
Based on the consideration and assessment of the Company’s management, the acquisition of Bukit
Permai does not present any significant potential risks that may materially affect the Company’s
operations.
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2. TRANSACTION DATE
The Bukit Permai Acquisition was carried out on 28 November 2025 based on the SBI’s SPA and BID’s
SPA.
3. TRANSACTION OBJECT
The transaction object is the 99.99% (ninety-nine point nine nine percent) shares of total issued
and paid-up capital of Bukit Permai owned by SBI and BID.
Information on Bukit Permai
Summary Background
Bukit Permai is a limited liability company established under the laws of the Republic of Indonesia
and domiciled in Badung Regency. It is established under the name of “PT Bukit Permai Properti”
as stipulated under the Deed of Establishment of Limited Liability Company No. 114 dated 30 March
2012, drawn up before Dewi Himijati Tandika, S.H., Notary in North Jakarta, which has been
approved by the MOL virtue of its Decree No. AHU-36902.AH.0I.01.Tahun 2012 dated 6 July 2012,
has been registered in the Company Register at the Ministry of Law under No. AHU-
0061737.AH.01.09.Tahun 2012 dated 6 July 2012, and has been announced in the State Gazette of
the Republic of Indonesia (Berita Negara Republik Indonesia or “BNRI”) No. 41 dated 21 May 2013,
Supplement State Gazette No. 43934.
The Company’s Articles of Association have been amended several times, most recently by the Deed
of Statement of Circular Resolution of the Shareholders in lieu of Extraordinary General Meeting of
Shareholders of Bukit Permai No. 12 dated 8 September 2025, drawn up before Dewi Himijati
Tandika, S.H., Notary in Jakarta, which has been notified to the MOL as evidenced by the Receipt of
Notification of Amendment to the Articles of Association No. AHU-AH.01.03-0233805 dated 8
September 2025, which has been registered in the Company Register at the Ministry of Law under
No. AHU-0208584.AH.01.11.Tahun 2025 dated 8 September 2025.
Management Composition
Based on the Deed of Statement of Shareholders’ Resolutions of PT Bukit Permai Properti No. 21
dated 28 November 2025, drawn up before Rini Yulianti, S.H., Notary in East Jakarta (“Deed No.
21/2025”), the latest composition of Bukit Permai’s Board of Directors and Board of
Commissioners is as follows:
Board of Directors
President Director : Satrio
Director : Cindy Budijono
Director : Timothy Eugene Alamsyah
Board of Commissioners
Commissioner : Astini Bernawati Oudang
The Capital Structure Prior to the Bukit Permai Acquisition
Based on (i) Deed of Minutes of Extraordinary General Meeting of Shareholders No. 123 dated 26
December 2013, drawn up before Dewi Himijati, S.H., Notary in Jakarta, which has been approved
by the MOL virtue of its Decree No. AHU-11140.AH.01.02.Tahun 2014 dated 13 March 2014 and has
been registered in the Company Register at the Ministry of Law under No. AHU-
0021964.AH.01.09.Tahun 2014 dated 13 March 2014 juncto (ii) Deed of Minutes of Extraordinary
General Meeting of Shareholders No. 04 dated 20 March 2025, drawn up before Lalitaiswari
Janaputri, S.H., M.Kn., Notary in Bogor, which has been approved by the MOL virtue of its Decree No.
AHU-0032712.AH.01.02.Tahun 2025 dated 21 May 2025 and has been registered in the Company
Register at the Ministry of Law under No. AHU-01102883.AH.01.11.Tahun 2025 dated 21 May 2025,
the capital structure and shareholders composition of Bukit Permai prior to the Bukit Permai
Acquisition are as follows:
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Nominal Value IDR1.000 per Share
Remarks Number of Shares Total Nominal Value Percentage
(IDR) (%)
Authorised Capital 1,000,000,000 1,000,000,000.000 -
Shareholders’ Name:
1. PT Summarecon Bali Indah 335,273,217 335,273,217,000 70.00
2. PT Bali Indah Development 143,614,893 143,614,893,000 30.00
Issued and Paid-Up Capital 478,888,110 478,888,110,000 100.00
The Capital Structure Following the Bukit Permai Acquisition
Based on the Deed No. 21/2025, the capital structure and shareholders composition of Bukit Permai
following the Bukit Permai Acquisition are as follows:
Nominal Value IDR1.000 per Share
Remarks Number of Shares Total Nominal Value Percentage
(IDR) (%)
Authorised Capital 1,000,000,000 1,000,000,000,000 -
Shareholders’ Name:
1. PT Bukit Uluwatu Villa Tbk 478,838,110 478,838,110,000 99.99
2. PT Nusantara Bali Realti 50,000 50,000,000 0.01
Issued and Paid-Up Capital 478,888,110 478,888,110,000 100.00
Based on Cover Note No. 081/NOT/XI/2025 dated 28 November 2025 issued by Rini Yulianti, S.H.,
Notary in East Jakarta, Deed No. 21/2025 will be processed in the Legal Entity Administration
System of the Directorate General of General Legal Administration of the Ministry of Law of the
Republic of Indonesia (including for the issuance of the letter of acknowledgment of notification of
changes to the company’s data from the MOL and for registration in the Company Register at the
Ministry of Law), within a completion period of one month.
Bukit Permai’s Financial Statement
The financial position of Bukit Permai, based on its audited Financial Statement as of 30 June 2025,
31 December 2024 and 31 December 2023 are as follows:
Remarks 30 June 2025 31 December 2024 31 December 2023
ASSETS
CURRENT ASSETS
Cash and banks 930,599,006 980,252,779 238,643,430
Prepaid taxes 15,941,533 47,900,500 -
Total Current Asset 946,540,539 1,028,153,279 238,643,430
Non-Current Assets
Undeveloped land 475,315,670,653 484,387,781,065 476,947,702,395
Other non-current assets 444,693,103 - 416,615,000
Total Non-Current Assets 475,760,363,756 484,387,781,065 477,364,317,395
TOTAL ASSETS 476,706,904,295 485,415,934,344 477,602,960,825
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accrued expenses 902,668,670 903,078,670 120,000,000
Taxes payable - 980,892 -
TOTAL LIABILITIES 599,652,358,821 766,590,359,757 120,000,000
EQUITY
Share Capital
Authorised capital – 1,000,000,000 shares with
nominal value of IDR1,000 per share
Issued and paid-up capital – 478,888,110 shares in
2025; 487,811,000 shares in 2024; and
479,911,000 shares in 2023 478,888,110,000 487,811,000,000 479,911,000,000
Retained earnings (deficit) (3,083,874,375) (3,299,125,218) (2,428,039,175)
TOTAL EQUITY 475,804,235,625 484,511,874,782 477,482,960,825
TOTAL LIABILITIES AND EQUITY 476,706,904,295 485,415,934,344 477,602,960,825
4. TRANSACTION VALUE
The transaction value for the acquisition of 99.99% (ninety-nine point nine nine percent) shares
of the total issued and paid-up capital in Bukit Permai owned by SBI and BID are amounting to
IDR536,233,171,320 (five hundred thirty-six billion two hundred thirty-three million one hundred
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seventy-one thousand three hundred twenty Rupiah) which consists of:
- Amounting to IDR375,458,477,000 (three hundred seventy-five billion four hundred fifty-eight
million four hundred seventy-seven thousand Rupiah) for the payment to SBI based on the SBI’s
SPA; and
- Amounting to IDR160,774,694,320 (one hundred sixty billion seven hundred seventy-four
million six hundred ninety-four thousand three hundred twenty Rupiah) for the payment to
BID based on the BID’s SPA.
5. PARTIES TO THE TRANSACTION
5.1. Information of the Company
Summary Background
The Company is a limited liability company established under the laws of the Republic of Indonesia
and domiciled in Badung Regency. The Company is established under the name of “PT Bukit
Uluwatu Villa” based on the Deed of Establishment of PT Bukit Uluwatu Villa No. 53 dated 15
December 2000, drawn up before Sugito Tedjamulia, S.H., Notary in Jakarta, which has been
approved by the MOL virtue of its Decree No. C-27344HT.01.01.TH.2003 dated 14 November 2003,
has been registered in the Company Register at the Company Registration Offfice of the Department
of Industry and Trade of Badung Regency, and has been announced in the BNRI No. 44 dated 30 May
2008, Supplemental State Gazette No. 7433 (“Deed of Establishment”).
Change of Name:
Based on the Deed of Restatement of Shareholders Resolution of PT Bukit Uluwatu Villa No. 182
dated 25 February 2010, drawn up before Aulia Taufani, S.H., substitute Notary of Sutjipto, S.H.,
Notary in Jakarta, which has been approved by the MOL virtue its Decree No. AHU-
1605.AH.01.02.Tahun 2010, has been notified to the MOL as evidenced by Receipt of Notificiation
on Amendment to the Articles of Association No. AHU-AH.01.10-06359 dated 15 March 2010, and
has been registered in the Company Register at the Ministry of Law under No. AHU-
0017145.AH.01.09.Tahun 2010 dated 15 March 2010 (“Deed No. 182/2010”). Pursuant to Deed
No. 182/2010, the Company’s shareholders have approved among others: (i) the initial public
offering of shares and (ii) change of Company’s status from private company to Public Company,
hence changing its name to “PT Bukit Uluwatu Villa Tbk”. The change of Company’s status to Public
Company became effective as of 12 July 2010, upon the listing of all of the Company’s shares on the
Stock Exchange.
Latest Amendment to the Articles of Association:
The Company’s Articles of Association as stipulated in the Deed of Establishment has been amended
several times and the latest amendment is stipulated in the Deed of Statement of Meeting
Resolutions of PT Bukit Uluwatu Villa Tbk No. 14 dated 21 August 2025, drawn up before Rini
Yulianti, S.H., Notary in Administrative City of East Jakarta, which has been notified to the MOL as
evidenced by Receipt of Notification on Amendment to the Articles of Association No. AHU-
AH.01.03-0222192 dated 21 August 2025, has been registered in the Company Register at the
Ministry of Law under No. AHU-0193938.AH.01.11.Tahun 2025 dated 21 August 2025, and has been
announced in the BNRI No. 73 dated 12 September 2025, Supplemental State Gazette No.
25406/2025.
Management Composition
The Company’s Board of Commissioners and the Board of Directors composition as stipulated in the
Deed of Statement of Annual General Meeting of Shareholders Resolution of PT Bukit Uluwatu Villa
Tbk No. 63 dated 28 June 2023, drawn up before Ashoya Ratam, S.H., M.Kn., Notary in
Administrative City of South Jakarta (“Deed No. 63/2023”) juncto Deed of Statement of Annual
General Meeting of Shareholders Resolution of PT Bukit Uluwatu Villa Tbk No. 41 dated 17 July
2025, drawn up before Ashoya Ratam, S.H., M.Kn., Notary in Administrative City of South Jakarta
(“Deed No. 41/2025”), is as follows:
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Board of Directors
President Director : Satrio
Director : Cindy Budijono
Director : Hendry Utomo
Board of Commissioners
President Commissioner : Astini Bernawati Oudang
Commissioner : Diah Pikatan Orissa Putri Haprani
Independent Commissioner: Park Seong Hoon
The composition of the Company’s Board of Commissioners and the Board of Directors based on
Deed No. 63/2023 and Deed No. 41/2025 has been notified to the MOL as evidenced by Receipt of
Notification on Amendment of Company’s Data No. AHU-AH.01.09-0135944 dated 7 July 2023 and
has been registered in Company Register at the Ministry of Law under No. AHU-
0127814.AH.01.11.TAHUN 2023 dated 7 July 2023 and Receipt of Notification on Amendment of
Company’s Data No. AHU-AH.01.09-0313938 dated 21 July 2025 and has been registered in
Company Register at the Ministry of Law under No. AHU-0164610.AH.01.11.TAHUN 2025 dated 21
July 2025.
The Capital Structure
Based on the Deed of Statement of Annual General Meeting of Shareholders of PT Bukit Uluwatu
Villa Tbk No. 64 dated 28 June 2023, drawn up before Ashoya Ratam, S.H., M.Kn., Notary in South
Jakarta, which has been approved by the MOL virtue its Decree No. AHU-0037368.AH.01.02.TAHUN
2023 dated 3 July 2023 and has been registered in Company Register at the Ministry of Law under
No. AHU-0123413.AH.01.11.TAHUN 2023 dated 3 July 2023 (“Deed No. 64/2023”) juncto Deed of
Statement of Resolutions Outside the Meeting of the Board of Commissioners “PT Bukit Uluwatu
Villa Tbk” No. 16 dated 23 January 2024, drawn up before Ashoya Ratam, S.H., M.Kn., Notary in
Administrative City of South Jakarta, which has been notified to the MOL as evidenced by Receipt of
Notification on Amendment to the Articles of Association No. AHU-AH.01.03-0023412 dated 25
January 2024 and has been registered in the Company Register at the Ministry of Law under No.
AHU-0018916.AH.01.11.Tahun 2024 dated 25 January 2024 (“Deed No. 16/2024”) juncto
Shareholders Register as of 30 November 2025 issued by PT EDI Indonesia as Securities
Administration Bureau, the capital structure and shareholders composition of the Company are as
follows:
Nominal Value IDR 50,- per Share
Remarks Number of Shares Total Nominal Value Percentage
(IDR) (%)
Authorised Capital 75,000,000,000 3,750,000,000,000 -
Shareholders Name:
1. PT Nusantara Utama Investama 15.173.281.772 758.664.088.600 61,68
2. Hapsoro 60.845.049 3.042.252.450 0,25
3. Public 9.382.927.821 469.146.391.050 38,07
Issued and Paid-Up Capital 24.617.054.642 1.230.852.732.100 100,00
5.2. Information of SBI
Summary Background
SBI is a limited liability company established under the laws of Republic of Indonesia and domiciled
at East Jakarta. SBI is established under the name of “PT Summarecon Bali Indah” as stipulated in
the Deed of Limited Liability Company Establishment of PT Summarecon Bali Indah No. 12 dated 2
March 2010, drawn before Dewi Himijati Tandika, S.H. Notary in Administrative City of North
Jakarta, which has been approved by the MOL virtue its Decree No. 20432.AH.01.01 Tahun 2010
dated 22 April 2010 and has been registered in the Company Register at the Ministry of Law under
No. AHU-0030120.AH.01.09.Tahun 2010 dated 22 April 2020, and has been announced in the BNRI
No. 29 dated 12 April 2011, Supplemental State Gazette No. 10005.
The Articles of association of the SBI has been amended several times, lastly by the Deed of Minutes
of Extraordinary General Meeting of Shareholders of PT Summarecon Bali Indah No. 62 dated 13
December 2024, drawn up before Dewi Himijati Tandika, S.H. Notary in Administrative City of North
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Jakarta, has been notified to the MOL as evidenced by Receipt of Notification on Amendment to the
Articles of Association No. AHU-AH.01.03-0221971 dated 14 December 2024 and has been
registered in the Company Register at the Ministry of Law under No. AHU-0272795.AH.01.11.Tahun
2024 dated 14 December 2024 (“Deed No. 62/2024”).
Management Composition
Based on Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Summarecon
Bali Indah No. 57 dated 15 July 2024, drawn up before Dewi Himijati Tandika, S.H. Notary in
Administrative City of North Jakarta, has been notified to the MOL as evidenced by Receipt of
Notification on Amendment of Company’s Data No. AHU-AH.01.09-0228634 dated 19 July 2024 and
has been registered in the Company Register at the Ministry of Law under No. AHU-
0147100.AH.01.11.Tahun 2024 dated 19 July 2024,SBI’s latest composition of Board of Directors
and Board of Commissioners is as follows:
Board of Directors
President Director : Herman Nagaria
Director : Ir Sharif Benyamin
Board of Commissioners
Commissioner : Soegianto Nagaria
Capital Structure
Pursuant to Deed No. 62/2024, the capital structure and shareholders composition of SBI are as
follows:
Nominal Value IDR1,000 per Share
Remarks Number of Shares Total Nominal Value Percentage
(IDR) (%)
Authorised Capital 2,000,000,000 2,000,000,000,000 -
Shareholders Name:
1. PT Summarecon Investment Property 1,290,058,585 1,290,058,585,000 99.99999992
2. PT Bahagia Makmursejati 1 1,000 0.00000008
Issued and Paid-Up Capital 1.290,058,586 1,290,058,586,000 100.00
5.3. Information of BID
Summary Background
BID is a limited liability company established under the laws of Republic of Indonesia and domiciled
in Badung Regency. BID is established under the name of “PT Bali Indah Development” as stipulated
in the Deed of Limited Liability Company Establishment of PT Bali Indah Development No. 06 dated
4 May 2010, drawn up before Dewi Himijati Tandika, S.H. Notary in Administrative City of North
Jakarta, which has been approved by the MOL virtue its Decree No. AHU-48129.AH.01.01 Tahun
2010 dated 13 October 2010 and has been registered in the Company Register at the Ministry of
Law under No. AHU-0074098.AH.01.09.Tahun 2010 dated 13 October 2010, and has been
announced in BNRI No. 19 dated 6 March 2012, the Supplemental State Gazette No. 7222.
The Articles of Association of BID has been amended several times, with the latest amendment by
Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Bukit Permai Properti No.
55 dated 12 December 2024, drawn up before Dewi Himijati Tandika, S.H. Notary in Administrative
City of North Jakarta, which has been notified to the MOL as evidenced by Receipt of Notification on
Amendment to the Articles of Association under No. AHU-AH.01.03-0221720 dated 13 December
2024 and has been registered in the Company Register at the Ministry of Law under No. AHU-
0272436.AH.01.11.Tahun 2024 dated 13 December 2024 (“Deed No. 55/2024”).
Management Composition
Based on Deed of Meeting of Extraordinary General Meeting of Shareholders of PT Bali Indah
Development No. 55 dated 15 July 2024, drawn up before Dewi Himijati Tandika, S.H. Notary in
Administrative City of North Jakarta, which has been notified to the MOL virtue its Decree No. AHU-
AH.01.03-0228601 dated 19 July 2024 and has been registered in the Company Register at the
Ministry of Law under No. AHU-0147032.AH.01.11.Tahun 2024 dated 19 July 2024, BID’s latest
composition of Board of Directors and Board of Commissioners is as follows:
9
Page 10
Board of Directors
President Director : Herman Nagaria
Director : Ir Sharif Benyamin
Board of Commissioners
Commissioner : Soegianto Nagaria
Capital Structure
Based on the Deed No. 55/2024, the capital structure and shareholders composition of BID are as
follows:
Nominal Value IDR 1,000 per Share
Remarks Number of Shares Total Nominal Value Percentage
(IDR) (%)
Authorised Capital 500,000,000 500,000,000,000 -
Shareholders Name:
1. PT Summarecon Bali Indah 344,532,247 344,532,247,000 99.9999999997
2. PT Summerville Property Management 1 1,000 0.0000000003
Issued and Paid-Up Capital 344,532,248 344,532,248,000 100.00
5.4. Information of NBR
Summary Background
NBR is a limited liability company established under the laws of Republic of Indonesia and
domiciled in South Jakarta. NBR is established under the name of “PT Nusantara Bali Realti” as
stipulated in the Deed of Limited Liability Company Establishment of Nusantara Bali Realti No. 08
dated 13 May 2022, drawn up before Agung Sri Wijayanti, S.H., M.Kn., Notary in Administrative City
of East Jakarta, which has been approved by the MOL virtue its Decree No. AHU-
0031600.AH.01.01.Tahun 2022 dated 13 May 2022 and has been registered in the Company
Register at the Ministry of Law under No. AHU-0090012.AH.01.11.Tahun 2022 dated 13 May 2022.
The Articles of Association of NBR has been amended several times, with the latest amendment by
Deed of Statement of Shareholders’ Circular Resolution of PT Nusantara Bali Realti No. 04 dated 29
July 2025, drawn up before Vindy Septia Anggraini, S.H., M.Kn., Notary in Bogor, which has been
notified to the MOL as evidenced by Receipt of Notification on Amendment of Company’s Data under
No. AHU-0068121.AH.01.02.TAHUN 2025 dated 30 September 2025 and has been registered in the
Company Register at the Ministry of Law under No. AHU-0235660.AH.01.11.Tahun 2025 dated 30
September 2025 (“Deed No. 04/2025”).
Management Composition
Based on Deed of Limited Liability Company Establishment of Nusantara Bali Realti No. 08 dated 13
May 2022, drawn up before Agung Sri Wijayanti, S.H., M.Kn., Notary in Administrative City of East
Jakarta, which has been approved by the MOL virtue its Decree No. AHU-0031600.AH.01.01.Tahun
2022 dated 13 May 2022 and has been registered in the Company Register at the Ministry of Law
under No. AHU-0090012.AH.01.11.Tahun 2022 dated 13 May 2022, NBR’s latest composition of
Board of Directors and Board of Commissioners is as follows:
Board of Directors
Director : Satrio
Board of Commissioners
Commissioner : Duddy Abdullah
Capital Structure
Based on the Deed No. 04/2025, the capital structure and shareholders composition of NBR are as
follows:
Nominal Value IDR 1,000,000 per Share
Remarks Number of Shares Total Nominal Value Percentage
(IDR) (%)
Authorised Capital 100 100,000,000 100
10
Page 11
Shareholders Name:
1. PT Nusantara Utama Investama 49 49,000,000 99
2. Bonny Harry 1 1,000,000 1
Issued and Paid-Up Capital 50 50,000,000 100.00
Shares in Portfolio 50 50,000,000 -
6. ANALYSIS OF THE IMPACT OF THE BUKIT PERMAI ACQUISITION ON THE FINANCIAL
CONDITION OF THE COMPANY
The impact of the Bukit Permai Acquisition on the Company is an increase in the Company’s total
asset value by 20.54%. This is stated in the Company’s and its Subsidiaries’ pro forma financial
information as of 30 June 2025, which has been reviewed by Public Accountant Firm Tanubrata
Sutanto Fahmi Bambang dan Rekan (BDO), an independent auditor.
The following is a summary of the Company’s consolidated pro forma financial statements,
consisting of the consolidated pro forma statement of financial position and the consolidated pro
forma statement of profit or loss and other comprehensive income as of 30 June 2025, presented as
follows:
PT BUKIT ULUWATU VILLA Tbk AND ITS SUBSIDIARIES
PROFORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF 30 JUNE 2025
(Presented in Rupiah, unless otherwise stated)
PT Bukit Uluwatu Proforma Proforma
Villa Tbk and its PT Bukit Permai adjustments and consolidated
Subsidiaires Properti eliminations balances
ASSETS
CURRENT ASSETS
Cash or cash equivalents 106,121,281,117 930,599,006 - 107,051,880,123
Receivables
Trade receivables
Third parties, net 7,374,417,145 - - 7,374,417,145
Other receivables
Third parties, net 409,396,954 - - 409,396,954
Related parties, net 3,503,432,308 - - 3,503,432,308
Inventories 3,219,237,816 - - 3,219,237,816
Prepaid expenses 7,754,090,981 - - 7,754,090,981
Prepaid taxes 175,102,677 15,941,533 - 191,044,210
Total Current Assets 128,556,958,998 946,540,539 - 129,503,499,537
NON-CURRENT ASSETS
Investments in associated
entities, net 86.460,390,341 - - 86.460,390,341
Assets under development, net 149,786,319,052 475,315,670,653 - 625,101,989,705
Fixed assets, net 1,501,439,741,261 - - 1,501,439,741,261
Right-of-use assets, net 16,971,416,477 - - 16,971,416,477
Goodwill - - 60,428,935,695 60,428,935,695
Other non-current assets, net 147,650,401,409 444,693,103 ( 119,997,416,000) 28,097,678,512
Total Non-Current Assets 1,902,308,268,540 475,760,363,756 ( 59,568,480,305) 2,318,500,151,991
Total Assets 2,030,865,227,538 476,706,904,295 ( 59,568,480,305) 2,448,003,651,528
PT Bukit Uluwatu Proforma Proforma
Villa Tbk and its PT Bukit Permai adjustments and consolidated
Subsidiaires Properti eliminations balances
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Accounts payable
Trade payables 13,846,655,245 - - 13,846,655,245
Other payables 10,246,899,276 - 416,235,755,320 426,482,654,596
Accrued expenses 16,303,630,054 902,668,670 - 17,206,298,724
11
Page 12
Short-term employee benefit
liability 3,641,006,971 - - 3,641,006,971
Taxes payable 4,859,990,967 - - 4,859,990,967
Advances from customers 34,047,932,328 - - 34,047,932,328
Current maturities of long-term
loans:
Bank loans 32,936,000,000 - - 32,936,000,000
Lease liabilities 1,143,869,222 - - 1,143,869,222
Total Current Liabilities 117,025,984,063 902,668,670 416,235,755,320 534,164,408,053
NON-CURRENT LIABILITIES
Long-term loans, net of current
maturities:
Loans payable
Related party 6,812,864,369 - - 6,812,864,369
Third party 24,500,000,000 - - 24,500,000,000
Bank loans 429,460,000,000 - - 429,460,000,000
Lease Liabilities 724,295,796 - - 724,295,796
Long-term employee benefit
liability 21,129,214,593 - - 21,129,214,593
Total Long-Term Liabilities 482,626,374,758 - - 482,626,374,758
TOTAL LIABILITIES 599,652,358,821 902,668,670 416,235,755,320 1,016,790,782,811
PT Bukit Uluwatu Proforma Proforma
Villa Tbk and its PT Bukit Permai adjustments and consolidated
Subsidiaires Properti eliminations balances
LIABILITIES AND EQUITY
(Continued)
EQUITY
Share capital 1,029,523,660,650 478,888,110,000 ( 478,888,110,000) 1,029,523,660,650
Additional paid-in capital, net 478.419,330,066 - - 478.419,330,066
Retained earnings (deficit):
Appropriated 10,000,000,000 - - 10,000,000,000
Unappropriated ( 1,260,091,319,413) ( 3,083,874,375) 3,083,874,375 ( 1.260,091,319,413)
Difference arising from
acquisition of non-controlling
interest ( 171,481,168) - - ( 171,481,168)
Other comprehensive income:
Loss from remeasurement of
post-employment liability ( 3,644,230,918) - - ( 3,644,230,918)
Revaluation surplus on on
fixed assets 1,174,170,897,144 - - 1,174,170,897,144
Equity attributable to the
owners of the parent entity 1,428,206,856,361 475,804,235,625 ( 475,804,235,625) 1,428,206,856,361
Non-controlling interests 3,006,012,356 - - 3,006,012,356
TOTAL EQUITY 1,431,212,868,717 475,804,235,625 ( 475,804,235,625) 1.431.212.868.717
TOTAL LIABILITIES AND
EQUITY 2,030,865,227,538 476,706,904,295 ( 59,568,480,305) 2,448,003,651,528
The notes to the Pro Forma Consolidated Financial Information form an integral part of the Pro Forma Consolidated
Financial Information
PT BUKIT ULUWATU VILLA Tbk AND ITS SUBSIDIARIES
PROFORMA CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED ON
30 JUNE 2025
(Presented in Rupiah, unless otherwise stated)
PT Bukit Uluwatu Proforma Proforma
Villa Tbk and its PT Bukit Permai adjustments and consolidated
Subsidiaires Properti eliminations balances
REVENUES 166,120,356,158 10,048,500,000 ( 10,048,500,000) 166,120,356,158
COST OF REVENUES ( 53,457,771,146) ( 9,371,426,543) 9,371,426,543 ( 53.457.771.146)
12
Page 13
GROSS PROFIT 112,662,585,012 677,073,457 ( 677,073,457) 112.662.585.012
Selling expenses ( 10,767,708,116) - - ( 10,767,708,116)
General and administrative
expenses ( 57,530,390,935) ( 202,857,672) 202,857,672 ( 57,530,390,935)
Operational, property,
maintenance and energy
expenses ( 12,818,326,609) - - ( 12,818,326,609)
Management and license fees ( 8,205,776,506) - - ( 8,205,776,506)
Other operating income 1,521,671,743 - - 1,521,671,743
Other operating expenses ( 1,463,125,457) - - ( 1,463,125,457)
PROFIT FROM OPERATIONS 23,398,929,132 474,215,785 ( 474,215,785) 23,398,929,132
Share in the net profit of
associated entities 77,104,952,520 - - 77,104,952,520
Finance income 1,466,933,524 28,825,383 ( 28,825,383) 1,466,933,524
Finance costs ( 19,900,113,450) ( 494,000) 494,000 ( 19,900,113,450)
Loss on foreign exchange, net ( 382,317,379) - - ( 382,317,379)
PROFIT BEFORE FINAL TAX
AND INCOME TAX EXPENSE 81,688,384,347 502,547,168 ( 502,547,168) 81,688,384,347
FINAL TAX ( 293,386,705) ( 287.296.325) 287.296.325 ( 293,386,705)
PROFIT BEFORE INCOME TAX
EXPENSE 81,394,997,642 215,250,843 ( 215,250,843) 81,394,997,642
INCOME TAX EXPENSES - - - -
PROFIT FOR THE PERIOD 81,394,997,642 215,250,843 ( 215,250,843) 81,394,997,642
PT Bukit Uluwatu Proforma Proforma
Villa Tbk and its PT Bukit Permai adjustments and consolidated
Subsidiaires Properti eliminations balances
OTHER COMPREHENSIVE
INCOME
Items that will not be
reclassified to profit or loss:
Remeasurement of long-term
employee benefit liability ( 1,272,847,318) - - ( 1,272,847,318)
TOTAL OTHER
COMPREHENSIVE LOSS FOR
THE PERIOD ( 1,272,847,318) - - ( 1,272,847,318)
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD 80,122,150,324 215,250,843 ( 215,250,843) 80,122,150,324
INCOME FOR THE PERIOD
THAT ATTRIBUTABLE TO:
Owners of parent entity 81,123,213,552 - - 81,123,213,552
Non-controlling interests 271,784,090 - - 271,784,090
PROFIT FOR THE PERIOD 81,394,997,642 - - 81,394,997,642
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of parent entity 79,850,366,234 - - 79,850,366,234
Non-controlling interests 271,784,090 - - 271,784,090
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD 80.122.150.324 - - 80.122.150.324
BASIC EARNINGS PER SHARE
ATTRIBUTABLE TO THE
OWNERS OF THE PARENT
ENTITY (in full Rupiah) 3.94 3.94
13
Page 14
The notes to the Pro Forma Consolidated Financial Information form an integral part of the Pro Forma Consolidated
Financial Information
This pro forma consolidated financial information is used to illustrate the impact of significant
events or transactions on the Company’s unadjusted financial information as of and for the six-
month period ended 30 June 2025, as if such events or transactions had occurred on that date.
Accordingly, the pro forma consolidated financial information is not an indicator of the Company’s
actual future performance, since it has been prepared based on assumptions regarding events that
have not yet occurred. Therefore, the pro forma consolidated financial information is not suitable
for purposes other than those described above.
SUMMARY OF APPRAISAL REPORT AND FAIRNESS OPINION OF THE TRANSACTION
As regulated under POJK No. 17/2020, the Company has requested Independent Appraisal Consultant,
namely Public Appraisal Firm Martokoesoemo, Pakpahan & Rekan (Kantor Jasa Penilai Publik
Martokoesoemo, Pakpahan, & Rekan or “KJPP-MPR”), an independent appraiser registered with the OJK,
to provide a Business (Equity) Valuation Report and a Fairness Opinion on the Company’s Material
Transaction in conducting the acquisition of the majority shareholding of Bukit Permai by the Company,
which is referred to as the “Proposed Transaction”.
The summary of the Business (Equity) Valuation Report No. 00024/2.0070-00/BS/05/00168/1/XI/2025
dated 14 November 2025 prepared by KJPP-MPR are as follows:
1. IDENTITY OF THE PARTY
PT Bukit Uluwatu Villa Tbk’s plan (hereinafter referred to as “Client” or the “Company”) to acquire
majority shareholding of Bukit Permai
2. OBJECT OF VALUATION
100% ownership interest in Bukit Permai
3. TYPE OF CURRENCY USED
Stated in Rupiah or in accordance with Bukit Permai’s Financial Statements.
4. PURPOSE AND OBJECTIVE OF THE VALUATION
To provide an opinion on the Market Value of the 100% (one hundred percent) ownership interest
in Bukit Permai for the purpose of the sale and purchase transaction.
5. DATE OF VALUATION
30 June 2025.
6. REGULATORY BASIS
OJK Regulation No. 35/POJK.04/2020 of 2020 on the Valuation and Presentation of Business
Valuation Reports in the Capital Market, OJK Circular Letter No. 17/SEOJK.04/2020 on the 2018
Seventh Edition of Guidelines for the Valuation and Presentation of Business Valuation Reports in
the Capital Market, and KEPI and SPI.
7. CONCLUSION
The Market Value Opinion of 100% Equity of Bukit Permai as of 30 June 2025 amounts to
Rp564,772,923,729 (five hundred sixty-four billion seven hundred seventy-two million nine
hundred twenty-three thousand seven hundred twenty-nine Rupiah). With the total number of
shares recorded as of 30 June 2025 amounting to 478,888,110 shares of Bukit Permai, the market
value per share of Bukit Permai as of 30 June 2025 is Rp1,179.34 (one thousand one hundred
seventy-nine point three four Rupiah).
The summary of Fairness Opinion report No. 00026/2.0070-00/BS/05/00168/1/XI/2025 dated 26
November 2025 prepared by KJPP-MPR are as follows:
14
Page 15
1. IDENTITY OF THE PARTIES
The parties transacting in the Proposed Transaction are the Company as the purchaser of the Bukit
Permai shares, and SBI and BID as the sellers of the Bukit Permai shares.
2. OBJECT OF THE FAIRNESS OPINION
The Proposed Transaction is the acquisition of majority ownership interest in Bukit Permai, as
material transaction.
3. PURPISE AND OBJECTIVE OF THE FAIRNESS OPINION
To provide a Fairness Opinion in relation to the Proposed Transaction for the acquisition of a
majority ownership interest in Bukit Permai, as a material transaction pursuant to the provisions
of OJK Regulation No. 17/2020.
4. VALUATION DATE
30 June 2025.
5. REGULATORY BASIS
OJK Regulation No. 35/POJK.04/2020 of 2020 on the Valuation and Presentation of Business
Valuation Reports in the Capital Market, POJK No. 17/2020, 2018 Seventh Edition of KEPI and SPI.
6. PROSPOSED TRANSACTION ANALYSIS METHODOLOGY
The fairness analysis of the Proposed Transaction covers several aspects as the methodology for
preparing the Fairness Opinion report, including among others:
a. Analysis of the Proposed Transaction, which includes the identification of and the relationship
between the transacting parties, the agreements and terms agreed upon in the transaction, and
the assessment of the risks and benefits of the transaction to be undertaken;
b. Qualitative and quantitative analyses, which include the Company’s history and nature of
business activities, industry and environmental analyses, operational analysis and the
Company’s prospects, the rationale for undertaking the transaction, and the qualitative
advantages and disadvantages of the transaction. The quantitative analysis includes the
assessment of historical performance, cash flow analysis, assessment of financial projections,
financial ratio analysis, and the analysis of the financial statements before the transaction and
the pro forma financial statements after the transaction. The quantitative analysis also includes
incremental analysis, such as the contribution of added value to the Company as a result of the
transaction, including its impact on the Company’s financial projections, as well as sensitivity
analysis to measure the potential gains and losses arising from the transaction;
c. Analysis of the fairness of the transaction value;
d. Analysis of relevant factors, such as the analysis of relevant costs and revenues, relevant non-
financial information, and the Company’s decision-making procedures in determining the plan
and value of the transaction while considering alternative options.
7. CONCLUSION
Based on the qualitative analysis, which includes the review of historical information, the review of
the structure of the Proposed Transaction, the assessment of benefits and risks, and the
consideration of the advantages and disadvantages of the Proposed Transaction, we have taken into
account the element of business continuity through the potential developable assets in line with the
characteristics of the Company’s business activities. Furthermore, based on the quantitative
analysis, which includes the assessment of historical financial performance, financial ratio
performance, and financial projections before and after the Proposed Transaction; the incremental
analysis of the proposed implementation of the Proposed Transaction; sensitivity analysis; and the
analysis of the fairness of the Proposed Transaction, as well as other relevant factors in providing
the Fairness Opinion, we have considered the existence of potential contributions that may have a
positive impact on the Company’s financial performance based on the premise that the Company is
15
Page 16
a going concern. Therefore, based on the results of the qualitative and quantitative analyses and
other relevant factors, the Proposed Transaction to be undertaken is deemed Fair.
THE COMPANY’S BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS STATEMENT
1. The Company’s Board of Directors states that the Material Transaction has undergone adequate
procedures to ensure that the Material Transaction has been carried out in accordance with
prevailing business practices.
2. The Company’s Board of Directors and Board of Commissioners state that the Bukit Permai
Acquisition is a Material Transaction and does not constitute an affiliated transaction nor a conflict
of interest transaction as referred to in OJK Regulation No. 42/2020. Bukit Permai Acquisition does
not constitute an affiliated transaction as the seller is not an affiliated party of the Company. The
involvement of NBR as the purchaser does not constitute an affiliated transaction, as there is no
special arrangement or agreement between the Company and NBR to manage Bukit Permai.
3. The Board of Directors and the Board of Commissioners of the Company, both individually and
collectively, are fully responsible for the accuracy and completeness of the information disclosed in
this Disclosure of Information and confirm that all material information has been disclosed and that
such information is not misleading.
ADDITIONAL INFORMATION
To obtain information in relation to the Bukit Permai Acquisition, the shareholders of the Company may
submit their request to the Corporate Secretary of the Company during the Company’s regular business
days and hours at the address set out below:
Corporate Secretary
PT Bukit Uluwatu Villa Tbk
Graha Iskandarsyah, 10th floor,
Jalan Sultan Iskandarsyah No. 66C, Jakarta Selatan 12160, Indonesia
Telephone: (021) 7209957
Faximile: (021) 7207523
Website: www.buvagroup.com
Email: corsec@buvagroup.com
16
Names mentioned 46 people and organisations named in the text · linked when the evidence is strong
unresolved
org
FINANCIAL SERVICES AUTHORITY
p.1 ×4
unresolved
org
PT SUMMARECON BALI INDAH
p.1 ×8
unresolved
org
PT BALI INDAH DEVELOPMENT IN
p.1
unresolved
org
PT BUKIT PERMAI PROPERTI
p.1 ×5
unresolved
org
PT Bali Indah Development
p.2 ×5
unresolved
org
PT Griya Uluwatu Nawasena
p.2
unresolved
org
Ministry of Law
p.2 ×23
unresolved
org
Ministry of Law and Human Rights
p.2
unresolved
org
Minister of Law
p.2
unresolved
org
Minister of Law and Human Rights
p.2
unresolved
org
Minister of Justice
p.2
unresolved
org
Minister of Justice and Human Rights
p.2
unresolved
org
PT Nusantara Bali Realti
p.2 ×4
unresolved
person
Rini Yulianti
· Notaris
p.2 ×15
unresolved
person
Dewi Himijati Tandika
· Notaris
p.5 ×16
unresolved
person
Lalitaiswari Janaputri
· Notaris
p.5
unresolved
org
Directorate General of General Legal Administration
p.6
unresolved
person
Sugito Tedjamulia
· Notaris
p.7
unresolved
person
Aulia Taufani
p.7
unresolved
person
Sutjipto
p.7
unresolved
person
Ashoya Ratam
· Notaris
p.7 ×7
unresolved
person
H. Notary
p.8 ×6
unresolved
org
PT Summarecon Investment Property
p.9
unresolved
org
PT Bahagia Makmursejati
p.9
unresolved
org
PT Summerville Property Management
p.10
unresolved
person
Agung Sri Wijayanti
· Notaris
p.10 ×3
unresolved
person
Vindy Septia Anggraini
· Notaris
p.10
unresolved
org
Public Accountant Firm Tanubrata Sutanto Fahmi Bambang dan Rekan
p.11
unresolved
org
PT Bukit Uluwatu
p.11 ×5
unresolved
org
Villa Tbk
p.11 ×5
unresolved
org
PT Bukit Permai
p.11 ×5
unresolved
org
Pakpahan & Rekan
p.14
unresolved
org
Kantor Jasa Penilai Publik Martokoesoemo
p.14
unresolved
org
PT Bukit Uluwatu Villa Tbk’s
p.14
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.091
3563 ms
12 Sep 2026 22:33
Raw output
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'kind': 'MATERIAL_FACT',
'kjpp_name': '',
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'object_text': '',
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'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
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'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}