JAKARTA - A subsidiary of conglomerate Agus Lasmono Sudwikatmono, PT Indika Energy Tbk (INDY), namely PT Mitra Motor Group (MMG) has implemented share participation in PT Energi Makmur Buana (EMB) on October 17, 2022. EMB is a limited company engaged in the distribution of four-wheeled electric vehicles.
Indika Energy Corporate Secretary Adi Pramono explained that the share participation was carried out by MMG in the form of conversion of loans amounting to Rp20 billion, which had been given by MMG to EMB based on a compulsoryly converted loan agreement dated September 16, 2022.
"After the share participation is effective, the composition of shareholders in the EMB is MMG and PT Buana Auto Sejahtera," Adi explained in a written statement quoted Wednesday (19/10/2022).
He emphasized that this share participation is a strategic step for the company as a group to expand its business into the electric vehicle sector, especially four-wheeled electric vehicles, in Indonesia.
Previously, Indika through MMG also formed a joint venture with Foxtec Singapore Pte Ltd on September 22, 2022. The name of the new entity is PT Foxconn Indika Motor (FIM).
The Foxtex Singapore Pte Ltd is an affiliate of the Hon Hai Technology Group (Foxconn). Foxconn itself is the largest electronics manufacturing company in the world centered in Taiwan.
Adi had stated that the FIM would carry out manufacturing activities for commercial electric vehicles and electric batteries, which would be reflected in business activities, including carrying out manufacturing activities for four or more wheeled motorized vehicles (KBLI 29101 and KBLI 29300); carrying out battery stone manufacturing activities (KBLI 27201); and providing management consulting services (KBLI 70209).
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