JAKARTA – PT Mega Perintis Tbk (ZONE) announced the closure of one of its subsidiaries, PT Mitrelindo Global.

ZONE’s Corporate Secretary, Luki Rusli, said the closure of this subsidiary, which operates in ready-to-wear and footwear retail, is part of a business restructuring effort.

“The company’s restructuring strategy aims to improve effectiveness and profitability,” Luki said in a disclosure to the Indonesia Stock Exchange (IDX).

Nevertheless, ZONE will continue to directly operate the retail business of Mitrelindo Global, which manages several international brands including Puma and Levi’s.

“The subsidiary’s operations are no longer strategic to continue separately,” Luki added.

Mitrelindo along with other ZONE subsidiaries recorded net sales of IDR 45.44 billion in 2024, a drop of 16.51% year-on-year.

Meanwhile, ZONE posted consolidated net sales of IDR 708.36 billion in 2024, down 3.7% from the previous year. (KR/ZH)