JAKARTA - PT Sumber Energi Andalan Tbk (ITMA), an importer and exporter of mining products, has just established a subsidiary, named PT Andalan Group Power (AGP), with an authorised capital of IDR 2 billion.
Rocky Oktanso Sugih, President Director of ITMA, said that AGP was established together with PT Astrindo Nusantara Infrastruktur Tbk (BIPI). The company owns 495 shares or 99% of all AGP shares. Meanwhile, the remaining 5 shares or 1% are owned by BIPI.
"The establishment of AGP will not have a material impact on legal operations, financial conditions, or the company's business continuity," said Sugih through an information disclosure on the Indonesia Stock Exchange today.
BIPI is ITMA's largest shareholder, with a 48.07% share ownership by September 30, 2020. Meanwhile, the remaining 34.29% is owned by Trust Energy Resources Pte. Ltd. and 17.64% by public investors.
According to idnfinancials.com data, ITMA has total assets of USD 155.44 million as of September 30, 2020. Then, the company's revenue has increased quite significantly during January-September (9M) 2020 to USD 55.48 thousand, from the same period in previous year of USD 6 thousand. (KR/VA)