JAKARTA - PT Sumber Global Energy Tbk (SGER), a company that runs coal trading business, announced their plans to establish a joint venture with Carstensz Holding Pte. Ltd. Singapore.
In an information disclosure on Indonesia Stock Exchange, Welly Thomas, President Director of SGER, said that the joint venture was named PT Indonesia Infrastructure Investama, and it would run a renewable energy infrastructure business.
"With this establishment, it can bridge the company with foreign investors and strategic businesses related to energy and renewable energy sector to grow its business," said Thomas.
However, Thomas did not mention how much the company had disbursed for the subsidiary. According to idnfinancials.com data, SGER had cash and cash equivalents worth IDR 26.88 billion by September 30, 2020, increased 50.42% year-to-date.
As much as 54.93% of SGER shares are currently owned by PT Sumbermas Inti Energi. Then, as much as 30.05% of shares are owned by public investors, 9.01% by Vivi Ramalyati Hutama, and 6.01% by Welly Thomas. (KR/VA)