TEMPO.CO, Jakarta - A Chinese-based financial institution, Chinese Export and Credit Insurance Corporation (Sinosure), cooperates with Media Nusantara Citra (MNC) Group to develop a world-class theme park project in Lido, Bogor, West Java.
The theme park will be part of MNC Group's 3,000 hectares six-star resort project in Lido.
"Our target is to complete the [theme park] by 2018," said MNC's Corporate Secretary Syafril Nasution said on Thursday, June 23, 2016.
Syafril said that Sinosure will provide US$425 million in forms of credit insurance, which covers 85 percent of the US$500 million (Rp6.6 trillion) budget needed to develop the project.
Syafril said that MNC has received a letter of interest from Sinosure on Friday, June 17, 2016. Syaril explained that the letter shows the investors willingness to invest in the project and will serve as an intial requirement before both parties proceed to sign the cooperation agreement.
After going public nine years ago, MNC has seen a 100 percent share price growth, from Rp900 to around Rp2,000 per share. In yesterday’s opening, MNC Group’s share was under the level of 2,270, with market capitalization of Rp32.26 trillion.
Editor's Note: This article has been revised in response to MNC Land's Right of Reply received by Tempo on Friday, July 1, 2016.