COWL sells Plaza Atrium Senen Building

In August 2023, Plaza Atrium Senen management firm PT Cowell Development Tbk. (COWL) announced the sale of the building asset. This change was significant to the company’s history and finances.

Collateral and Legal Basis

Euro Tanada executed management rights for the Plaza Atrium Senen building sale, holding collateral for PT Bank QNB Indonesia Tbk and Qatar National Bank (Q.S.C) Singapore Branch facilities. QNB Indonesia, Tbk, Qatar National Bank (Q.S.C) Singapore Branch, and PT Euro Tanada No. 49 signed this transaction under the Assignment of Receivables Agreement (Cessie) dated March 27, 2023. South Jakarta notary Indrasari Kresnadjaja, S.H., M.Kn, presided over the legal procedures.

An Inside Look into COWL

COWL began operations in 1981. COWL has shaped several projects as a property developer. Since PT Gama Nusapala owns 71.12% of COWL, it is noteworthy. Feral Investment Inc (14.35%), Earvin Limited (8.12%), and the public’s 6.41% are also substantial stockholders.

COWL built the Oasis township in Cikarang, Borneo Paradiso in Balikpapan, Melati Mas Residence in Tangerang, Plaza Atrium in Senen (Jakarta), and Cowell Tower in Jakarta. The company’s varied portfolio shows its longtime Indonesian property development experience.

Parent-company Dynamics

According to COWL’s ownership structure, PT Gama Nusapala is owned by PT Lestari Investindo Mandiri. Fransiscus Suciyanto owns most LIM shares.

COWL’s management is prepared to face a big income drop owing to the Plaza Atrium Senen building sale. This transaction transforms COWL’s finances and operations.

Threat of Delisting

The Indonesia Stock Exchange (BEI) may delist Cowell Development Tbk., a famous property developer that went public in late 2007. Our stock trading prohibition has lasted almost three years.

The temporary suspension of COWL’s stock transactions began on July 13, 2020. Peng-SPT-00016/BEI.PP3/07-2020 and BEI Regulation Number I-I, which governs stock delisting and relisting, declared this suspension.

After filing a statement of financial insolvency and Suspension of Debt Payment Obligations (PKPU) in the Central Jakarta District Court, COWL’s stock trading was suspended on all platforms. The court ruled the corporation insolvent.

Thus, COWL’s shares have only been traded on the secondary market for 24 months. This suspension term reached 24 months on July 13, 2022, placing the firm at danger of delisting.

Multiple Notations

COWL has six stock exchange notations, representing its complicated finances:

B – This notation arises due to the bankruptcy statement filed by the company.
E – Signifying negative equity, this notation highlights the financial challenges COWL faces.
D – An “opinion disclaimer” from auditors signifies uncertainty regarding the company’s financial situation.
L – Late financial reports, indicating possible operational difficulties.
Y – Denoting that COWL has not executed the RPUS (Regular Program of Shares Ownership by Employees).
X – The company is under special monitoring, a reflection of its precarious position.

Changes in COWL Leadership

Before these events, COWL had leadership changes. On June 28, 2022, COWL President Commissioner Harijanto Thany resigned. Adam Mingkay, an independent commissioner, represents the board.

In conclusion, COWL’s sale of the Plaza Atrium Senen building represents a major milestone, but delisting and other financial and legal issues put a shade over its future.