JAKARTA. PT Kino Indonesia Tbk (KINO) has released all of its shares in PT Kino Pet World Marketing Indonesia (KPWMI), a joint venture (JV) company founded by the company and Wah Kong Corporation Sdn. Bhd. from Malaysia in 2018. Those shares were sold for Rp 10 billion.
Budi Muljono, Director and Corporate Secretary of KINO, said that all shares owned by the company in KPWMI were sold to Wah Kong Corporation and Cong Pey Yew through a conditional share purchase agreement. "KINO no longer has control over KPWMI, both in terms of making company policies and making strategic decisions," said Muljono through a disclosure on the Indonesia Stock Exchange today.
Muljono admitted that the sale of all KPWMI shares was carried out to provide benefits for KINO. "Because the proceeds from the sale can be allocated for business development," said Muljono.
As previously reported by idnfinancials.com, KINO has just announced the liquidation of PT Kino Pet World Indonesia (KPWI), another joint venture established with Wah Kong Corporation. The company originally planned to establish a pet food factory in Indonesia. However, after two years, KINO liquidated KPWI due to unrealized business plans. (KR/AR)