Telkom Injects Its Subsidiary Rp292 Billion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Telkom Indonesia Tbk (TLKM) through its subsidiary, PT Telekomunikasi Selular (Telkomsel), has injected Rp292 billion of capital into its subsidiary, PT Telkomsel Ekosistem Digital (TED). PGS Director of Strategic Portfolio Bogi Witjaksono stated that the affiliate transaction was in order to strengthen TED's digital platform.

"We convey that on May 18, 2022, an affiliated transaction has been carried out in the form of capital participation by Telkomsel to TED," said Bogi in a written statement, quoted Monday, May 23.

For information, TED is a company engaged in business management consulting services and investment or equity participation in a number of companies. In addition, TED's business is also engaged in data processing, hosting, and advertising-related activities.

This transaction includes affiliated transactions considering that Telkom is the controlling company of Telkomsel with 65 percent ownership. Meanwhile, TED is a subsidiary that is directly controlled by Telkomsel with a share ownership of 99.99 percent.

In connection with the implementation of the affiliate transaction, the company's management ensures that this transaction has been through an affiliate transaction and a conflict of interest transaction. Moreover, it is also ensured that this transaction does not contain a conflict of interest as referred to in the POJK 42/2020 regulation.

Previously, on March 18, 2022, Telkom as the parent company has also carried out an affiliated transaction by providing a shareholder loan of Rp. 397 billion to PT Telkom Satellite Indonesia (Telkomsat) for Telkomsat business development.

Regarding digital platforms, SOE Minister Erick Thohir said that the development of a digital ecosystem in Indonesia will be realized through the role of Telkom. Evidently, this policy has had a real impact on the valuation of Telkom's share price which reached Rp470 trillion.