Pan Brothers to establish a new line, producing PPE and masks

14 July 2021 18:48

JAKARTA. PT Pan Brothers Tbk (PBRX) would develop two new business lines, manufacturing PPE (personal protective equipment) and cloth masks. It aims to meet the popular demand within the market.

Pan Brothers is deemed competent to have two business lines by the assigned public appraiser office. These new lines are, in fact, estimated to raise the revenue up to USD 19.5 million in 2021 and USD 10 million in 2022.

For the next step, these new business lines would have to await approval from the Annual General Shareholders Meeting to be held on August 20, 2021. “The company would ask for approval during the meeting, abiding by the regulations stated in POJK 15 and POJK 16,” Ludijanto Setijo, President Director of Pan Brothers, confirms in the information disclosure in Indonesia Stock Exchange today (14/7).

According to idnfinancials.com data, until June 30, 2021, the public investors are still controlling 49.33% of PBRX. Then, another 27.72% belongs to PT Trisetijo Manunggal Utama, 16% to PT Ganda Sawit Utama, and 6.95% to UBS AG Singapore S/A Burlingham International Ltd. (KR/ZH)

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