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SSIA - Welcoming New Partner to Develop Subang project Surya Semesta Internusa (SSIA) signed agreements with PT Anarawata Puspa Utama (APU) on May 13, 2024, regarding its subsidiary, PT Suryacipta Swadaya (SCS). The deal involves a total transaction value of IDR3.1 tn. This comprises SSIA selling 55,808,781 SCS shares for IDR169.8 bn to APU and APU subscribing (capital injection) to 962,701,486 new SCS shares for IDR2.9 tn. After the transaction, SCS will remain a subsidiary of SSIA, which will hold 63.5% of SCS's total shares. Shareholder approval will be sought through an Extraordinary General Meeting of Shareholders scheduled for June 21, 2024. (Source : Company) Comment : Following the guidance of potential vital development on Subang project during recent KBVS access event with SSIA, we view this news positively. With the injection of IDR2.9 tn in fresh capital through SCS, SSIA will have substantial funds to advance the development of Subang. Our channel check suggests that PT APU is likely affiliated with the Djarum group.