JAKARTA. PT Kino Indonesia Tbk (KINO) and Malee Capital Company Limited, a member of Malee Group (Thailand), have agreed to liquidate two joint ventures established in 2017, PT Kino Malee Indonesia and Malee Kino Company Limited.
Budi Muljono, Director and Corporate Secretary of KINO, said the liquidation was carried out to streamline the company's structure and business model. "It has been approved based on the circular decision of the shareholders, in lieu of the general meeting of shareholders of KINO and Malee Kino," Muljono explained through an official statement.
When it was founded, Kino Malee Indonesia was controlled by KINO with a 51% stake, and the rest was owned by Malee Capital. Meanwhile, Malee Kino was controlled by Malee Capital with a 51% stake, and the remaining 49% was owned by KINO.
The two companies formed to become export and import doors for products sold by KINO and Malee Capital. With the liquidation of the two joint ventures, KINO and Malee Capital will export and import their products directly. (KR/AR)