JAKARTA. A subsidiary of PT Indika Energy Tbk (INDY), Indika Venture Pte Ltd (IDV), made an investment in a digital advertising company, PT Narada Sahara Kencana (ADX), worth IDR 15.5 billion.
In the information disclosure in Indonesia Stock Exchange last week, Adi Pramono, Corporate Secretary of Indika Energy, stated that the said transaction was deemed as a part of a corporate strategy that seeks diversification. ADX is a company engaged in the digital advertising field.
The said investment partly manifested in converting securities of Indika Venture worth IDR 8 billion to 12.5% of ADX’s shares. The said conversion heeded the convertible bonds agreement made on April 24, 2020.
The rest of the money, amounting to IDR 7.5 billion, was paid through the issuance of new shares of ADX of 10%. Therefore, this transaction led IDV to gain 22.5% of ADX’s shares in total. (AM/ZH)