JAKARTA. PT AKR Corporindo Tbk (AKRA) has signed a joint venture agreement with Petronas Chemicals Marketing Sdn Bhd, a subsidiary of Petroliam Nasional Berhad (Petronas).
Suresh Vembu, Director & Corporate Secretary of AKRA, said that the subsidiary was established under the name PT Anugerah Kimia Indonesia (AKI). "The purpose and objective of PT Anugerah Kimia Indonesia is to engage in wholesale trading of basic chemical materials and goods," said Vembu through an information disclosure on the Indonesia Stock Exchange today.
Vembu did not explain how much capital was paid up by AKRA and Petronas in establishing AKI. However, he emphasized that AKRA's paid-up capital for AKI does not exceed 20% of AKRA's total equity.
For the record, AKRA's total equity as of September 30, 2020, was recorded at IDR 10.34 trillion. "This transaction is not a material transaction as referred in OJK (Financial Services Authority) regulations," said Vembu. (KR/VA)