JAKARTA. PT PP (Persero) Tbk (PTPP) has announced equity capital in PT PP Titra Madani, a joint venture established along with PT Memiontec Indonesia and PT Envitech Perkasa.
According to PTPP Corporate Secretary Yuyus Juarsa, the joint venture was established with Rp 12.5 billion in authorised capital, while its placed and paid-up capital also amounts to Rp 12.5 billion.
PTPP owns a 80% stake worth Rp 10 billion in PP Tirta Madani, while Memiontec owns 15% worth Rp 1.88 billion and Envitech worth 5% worth Rp 625 million.
In a stock exchange filing, PTPP said PP Tirta Madani engages in water management, civil building construction, and large trade.
"The company will obtain recurring income from the joint venture, which will strengthen the company's finances," Mr Juarsa said.
As of September 2020, PTPP had Rp 5.5 trillion in cash and cash equivalents, down 39.63% from late 2019. In addition, the company's operating revenue also dropped 36.39% year on year (yoy) to Rp 10.12 trillion in January-September. (KR/MS)