Expansion Network For Incar Revenue Rp4.5 Trillion, Rajawali Nusindo Acquisition 14.65 Percent Of Indonesian GIEB Shares

Photo: Doc. Antara/Rajawali Nusindo

PT Rajawali Nusindo, which is a member of ID FOOD, acquired 14.65 percent of PT GIEB Indonesia shares or 340,940 shares in order to develop the food business in Bali.

For this reason, the composition of shareholders of PT GIEB Indonesia to become PT RNI (Persero) was 80.96 percent, PT Rajawali Nusindo 14.65 percent and the Balinese Society 4.39 percent.

"Rajawali Nusindo is the spearhead of sales and distribution of all products produced by Food Holding to act as an aggregator with its distribution network," said President Director of PT Rajawali Nusindo Iskak Putra in an official statement quoted by Antara, Friday, October 14.

This acquisition itself was carried out during the Extraordinary General Meeting of Shareholders (EGMS) of PT GIEB Indonesia in Denpasar, Bali.

Iskak said the purchase of shares of PT GIEB Indonesia, which is a member of ID FOOD in the trade and distribution sector, is expected to be able to expand the distribution of food products in Bali.

In addition, companies can increase the opportunities for a larger retail business in the Bali area because even and affordable food distribution is very important to maintain supply stability.

This is in line with Rajawali Nusindo's commitment as a subsidiary of BUMN Food ID FOOD to supply food and meet the needs of the community, including at several points in the Indonesian Region.

Iskak explained that so far Rajawali Nusindo has 43 operational networks spread from Aceh to Papua and is supported by more than 700 sellers and marketing personnel.

The company is also working with more than 60 partners at home and abroad.

Therefore, Rajawali Nusindo announced a sales revenue target for 2022 of IDR 4.5 trillion, which increased by 8.6 percent from 2021.

The increase in sales revenue could encourage an increase in profit after the company's tax, which for 2022 is targeted at IDR 126.6 billion, an increase of 16.6 percent from 2021.