Sido Muncul Subsidiary Makes Affiliated Transactions Worth IDR 12.7 Billion

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu Dan Pharmacy Sido Muncul Tbk (SIDO) submitted a report on affiliated transactions.

President Director of Sido Muncul (SIDO), David Hidayat revealed, on February 12, 2024, PT Semarang Herbal Indo Plant (SHIP), which is a subsidiary of SIDO, signed a stillage sale and purchase agreement with PT Sido Muncul Pupuk Nusantara.

"The sale and purchase agreement is stillage which will last during the SHIP to produce waste stillage, with a total transaction value estimated at around Rp. 12.77 billion," said David Hidayat in an information disclosure, Tuesday, February 13.

David Hidayat explained that Semarang Herbal Indo Plant (SHIP) is a company engaged in the herbal and herbal extraction industry. SHIP is a subsidiary of Sido Muncul (SIDO) with 99.99 percent share ownership.

Meanwhile, Sido Muncul Pupuk Nusantara (SMPN) is a company engaged in the fertilizer industry. SMNP is a company controlled by the same party and serves as an administrator in the SHIP. Some of the SMPN management and shareholders also served as administrators at Sido Muncul (SIDO).

David Hidayat stated that SHIP is a company engaged in the herbal and herbal extraction industry, which in the production process produces unused remaining or waste/waste. So that the purchase of the stillage by SMPN will benefit SIDO and there is no need to dispose of its waste.

Meanwhile, SMPN needs stillage as a material to produce fertilizers, where the stillage generated by SHIP is in accordance with the specifications of the raw materials needed by SMPN at appropriate prices and factory locations that are quite close so as to facilitate the transportation process.