JAKARTA – PT Mitra Motor Group (MMG) takes over 51% of shares of PT Energi Makmur Buana (EMB), a distributor of lectric vehicles, following the conversion of EMB’s debts of IDR 20 billion.
Adi Pramono, Corporate Secretary of PT Indika Energy Tbk (INDY), the parent company of MMG, confirmed that said subsidiary had channelled an investment to EMB last week (17/10). “The investment is placed by MMG in the form of debt conversion of a facility granted to EMB on September 16, 2022,” he said in the information disclosure quoted Tuesday (25/10).
Post-investment, EMG’s shareholders now consist of MMG, which owns 14,572 shares or 51% of IDR 28.57 billion, and PT Buana Auto Sejahtera of 14,000 shares or 49%.
“Said investment is a strategic attempt to expand the business into the four-wheel electric vehicle sector,” Pramono said. (LK/ZH)