PT Krakatau Steel (Persero) Tbk has officially announced a strategic step regarding the restructuring of its business portfolio. Through its subsidiary, PT Krakatau Sarana Infrastruktur (KSI), the company conducted a spin-off of its hospitality business unit, The Royale Krakatau Hotel Cilegon, to PT Hotel Indonesia Natour (HIN).
According to an information disclosure submitted to the Indonesia Stock Exchange, the transaction value of this asset transfer reached IDR 312 billion. This corporate action was taken to comply with Financial Services Authority (OJK) regulations regarding affiliated transactions and forms part of the ongoing effort to consolidate state-owned hotels under SOE management.
The transaction scheme involves a spin-off agreement between PT KSI and PT HIN, which operates under the PT Aviasi Pariwisata Indonesia (InJourney) ecosystem. As compensation for the asset divestment, PT HIN will issue new Series C shares to be held by PT KSI. However, the execution of this transaction remains subject to fulfilling various prerequisites, including corporate approvals and the completion of a comprehensive due diligence process.
The Board of Directors of Krakatau Steel emphasized that this policy aims to achieve business purification. By divesting its hospitality unit, PT KSI can now dedicate its resources and investment focus to its core sectors: industrial estate management, strategic infrastructure provision, utilities, and supporting logistics services.
This program is also aligned with directions from PT Danantara Asset Management to optimize state-owned assets, ensuring that hotel management is handled professionally by entities with specialized competence in tourism. Management believes that this move will enhance operational efficiency while delivering sustainable added value to the entire Krakatau Steel group.
