JAKARTA. PT Mustika Ratu Tbk (MRAT), one of the most renowned traditional herbal medicine and cosmetic manufacturers, will divest its assets for IDR 199.4 billion to aid its business expansion plan.
The management of MRAT further specified that the divested assets include three tracts of undeveloped land with a total area of 99,701 square metres. They are located in Cibuntu Village, Cibitung District, Bekasi Regency. “Said tracts of land are properties that could be categorised as non-operational assets under single ownership,” the management explained in the information disclosure in Indonesia Stock Exchange (IDX).
This asset divestment plan took off following MRAT’s plan of growing its business and improving its capital structure, which also involves boosting export sales, developing and inventing products, and introducing new franchises of Taman Sari Royal Heritage Spa and House of Mustika Ratu.
“The company also wishes to branch out to other alternatives of business activities that are more profitable, using the proceeds gained from this unused land divestment,” the management of MRAT mentioned.
For the record, the total value of divested assets is equivalent to 59.78% of its total equity as of September 30, 2022. Thus, in order to realise this corporate action, MRAT must gain approval during the Extraordinary General Shareholders Meeting on October 28, 2022. (KR/ZH)