Indo-Rama Synthetics Owned By Sri Pakash Lohia Conglomerate Sells Its Sri Lankan Subsidiary For IDR 39.2 Billion

JAKARTA - The company owned by the Sri Prakash Lohia conglomerate, PT Indo-Rama Synthetics Tbk (INDR) has released its subsidiary in Sri Lanka to Sri Isin Ceylon Limited. asst.

INDR Corporate Secretary Arun Dalmia in an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Saturday 6 November, said the company sold 100 percent of its shareholding in Isin Lanka Limited, Sri Lanka, which is wholly owned as an indirect subsidiary of the company.

"IRS Global Pte. Ltd., Singapore, an indirect wholly owned subsidiary of the company and the company, has entered into a sale and purchase agreement on November 2, 2021 to sell its 100 percent stake in ISL to Sri Isin Ceylon Limited, Sri Lanka," said Arun.

The value of the sale transaction is 2.8 million or around Rp39.2 billion. This transaction is also expected to be completed before the end of the year.

"The buyer has and will pay before the closing of the transaction, the entire transaction value to ISL, so that ISL pays all its obligations," he said.

Arun also ensured that this transaction did not have a material impact on INDR's operational, legal, financial condition or business continuity.

"Besides ISL is no longer an indirect subsidiary of the company, there is no material impact on operational activities to the continuity of INDR's business," he said.