Summarecon Agung Tbk.

Brief of Company Background

The company was established on November 26, 1975. The company began its commercial operations in 1976, selling residential properties on a 10 Ha site, known as Kelapa Gading Permai in Northern Jakarta. In 1991 the company bought out all land and houses owned by PT Nusa Kirana Real Estate. A strategic alliance with Keris Group in 1993 to develop a 1,500 hectare site in Serpong into another township called Gading Serpong. At the end of 1993 the company founded a 51% owned joint venture with PT Karawachi Graha Permai called PT Jakarta Baru Graha Permai, also a real estate company. The company stopped the activity of building apartments in the middle of 1995. According to the director of the company, it was because the activity was unprofitable. The company has registered all of its shares at the Jakarta and Surabaya Stock Exchange on August 14, 1996. In June 1998, the company changed strategy for its property business, focusing on sales of groups of medium-priced houses. This was in response to the collapse of purchasing power, high interest rates and the scarcity of home mortgages. Then in August 1998, seven foreign investors bought 118,360,000 shares, or 34.75% of company equity, bringing foreign ownership to 135,723,085 shares or 39.84% of equity. The seven foreign investors are: Trentwell Assets Ltd., Canon Securities Group, Lionrich Investment Ltd., Sunpath Finance Ltd., Vanderian Holding Ltd., Goodridge International Ltd., and Great Wall Ltd. Now entering into its eight year, Gading Serpong is a town of more than 5,000 houses, shophouses, and popular 18-hole Graham Marsh designed, golf course-Gading Raya Golf Club. To offset cyclical fluctuations in the real estate sales, the company has built and run a few investment properties, namely Klub Kelapa Gading, Mal Kelapa Gading, and its Gading Food City, The Summerville Serviced Apartments, Plaza Summarecon, Kelapa Gading Driving Range, and Bursa Mobil I, II, and III.

Shareholder List

Management