JAKARTA - PT FKS Multi Agro Tbk (FISH) is being investigated by the Business Competition Supervisory Commission (KPPU), for its lateness in reporting the acquisition of shares of PT Terminal Bangsa Mandiri (TBM) and PT Kharisma Cipta Dunia Sejati (KCDS), which cost Rp 329.7 billion.
As quoted from the company disclosure, Sofia Ridmarini, Corporate Secretary of PT FKS Multi Agro Tbk (FISH) said that her party had come to KPPU to explain this matter.
In paragraph 1 of Article 25, Law No.5 / 1999 concerning Anti Monopolistic Practices and Unfair Business Competition, it was stated that merger or consolidation of business entities, or takeover of shares as referred to in Article 28 which results in the value of assets and or the value of sales exceeding a certain value, must be notified to the Commission, no later than 30 (thirty) days from the date of the merger, consolidation or takeover.
According to their financial statements, as of Q3 2019, KCDS and TBM's total asset value was recorded at US$ 23.49 million and US$ 5.16 million, respectively. (LK/AR)