Bakrieland Development Tbk.

Brief of Company Background

Founded in mid-1990 under the name PT Purilestari Indah Pratama. Shortly after going public, the company obtained US$ 22 million syndicated loan from a group of seven local banks, led by Bank Merincorp. This loan carries a floating rate and matures in five years, and will be used to retire debts owed to banks and the founding shareholders. The five-star Aquila Prambanan Hotel, owned by the company, consists of 174 deluxe rooms, 1 presidential suite, 4 executive suites, 4 junior suites, and 8 studio suites. Management of this property is in the hands of Aquila International Hotels and Resorts Management Pte. Ltd. of Singapore. In 1994, occupancy of the hotel reached a satisfactory 68.30%. December 1994 saw the 100% acquisition of four companies in its own group: PT Puri Diamond Pratama, owner of an apartment/condominium tower in Kuningan, Jakarta; PT Elangperkasa Pratama, owner of Wisma Elang and Hotel Aquila Jakarta; PT Citrasaudara Abadi, owner of the Taman Elang I and II housing developments in Tangerang; and PT Villa del Sol Agro Tourism, planning to develop the Hotel Aquila Cipanas in cooperation with the government. On April 1995, the company acquired 100% of the shares of PT Elangparama Sakti, set to construct apartments and condominiums, and an office building in the golden triangle area of Jakarta. Formerly the name of the company was PT Elang Realty. On April 1997, PT Bakrie Capitalindo acquired 69% shares of PT Elang Realty and then changed its name to the current form. Before that acquisition, the trading of Elang Realty’s shares were suspended by JSX, because its price dropped by 36.34%. Since the acquisition, the company became a member of the Bakrie Group.

Shareholder List

Management