JAKARTA. PT Indo Kordsa Tbk (BRAM), a vehicle tyre manufacturer, will initiate a merger with one of its subsidiaries, PT Indo Kordsa Polyester (IKP), starting next year.
In the information disclosure in Indonesia Stock Exchange (IDX), the management of BRAM revealed that this merger is intended to enhance efficiency. For instance, a merger may cut down any additional administration fees, integrate the production process better, and aid product mapping.
BRAM will be the receiving end of the merger, meaning that all assets and liabilities of IKP will be transferred to BRAM. The merger is expected to take effect on January 1, 2023.
Based on idnfinancials.com record, IKP had total assets of USD 67.17 million in July 2022. Meanwhile, its liabilities clocked up to USD 35.29 million.
In terms of its business, IKP recorded sales of USD 41.32 million in the first half of 2022. However, the company suffered a loss of USD 258,442 as of July 2022. (KR/ZH)