JAKARTA. PT Surya Fajar Capital Tbk (SFAN) has increased its stake in PT Mareco Prima Mandiri, which operates the Dipay payment platform, with a capital injection of Rp 7.5 billion.
According to SFAN Corporate Secretary Evie Feniyanti, following the capital injection SFAN's stake in Mareco has been raised to 82.82% from previously 60%.
The capital injection, said Ms Feniyanto, will provide additional support for Mareco to develop its business. "As an early-stage startup, Mareco still requires equity support to develop its business," she said in a stock exchange filing.
As stated in SFAN's financial report in the first semester (1H) of 2020, Mareco had Rp 2.92 billion in retained earnings, 32.95% higher than Rp 2.2 billion at the end of 2019. Throughout 1H, Mareco posted a Rp 724.56 million loss.
However, Ms Feniyanti stressed that SFAN's equity capital in Mareco is in line with its core business. "Equity capital or investment is part of the company's core business," she said. (KR/MS)