JAKARTA - PT Argo Pantes Tbk (ARGO) and its subsidiary, PT Argo Manunggal Triasta, which engages in textile and garment, created a business synergy. Through the business synergy, Argo Pantes will obtain Rp 27 billion per year for the next four years.
Based on the company's disclosure of information, the transaction object consisted of 971 units of machinery and a building in Cikokol, Tangerang, Banten. The companies have an affiliation. Surjanto Purnadi, a director of PT Argo Pantes Tbk, is also a commissioner of PT Argo Manunggal Triasta. The transaction is expected to reduce expenses and minimize loss.
Furthermore, Argo Pantes created the business synergy due to the losses it suffered since 2014. The company's losses was mainly due to the increase in the prices of raw materials and cost production. (LK/AR)