JAKARTA. PT Telefast Indonesia Tbk (TFAS) announces an extra investment of IDR 1.5 billion for PT Energi Selalu Baru (ESB), one of its subsidiaries running the electric vehicle business.
Fuad Nugraha, Corporate Secretary of TFAS, claims that this investment is channelled during the capital raising planned by ESB. “This transaction would support the company’s main business line. Additionally, it is or will perform business activities that would further generate operating revenue,” he continues, as quoted in the information disclosure in Indonesia Stock Exchange.
According to idnfinancials.com data, ESB is a fresh joint venture established by PT NFC Indonesia Tbk (NFCX) and PT SiCepat Express Indonesia (SiCepat) last June. TFAS joined in this company establishment by injecting capital of IDR 525 million, equivalent to 5% of shares.
ESB’s focuses involve distributing electric motorcycles, swapping batteries, and providing other services to support the electric vehicle ecosystem. Meanwhile, professional aids given by TFAS to ESB include commercial, infrastructure, and ecosystem supports.
As of June 30, 2021, TFAS owns total assets of IDR 30.66 billion. TFAS’s net sales throughout the first six months of 2021 reach IDR 307.86 billion, scoring a net profit of IDR 14.75 billion in total. (KR/ZH)