JAKARTA – PT Indofarma Tbk (INAF) disclosed the progress of its asset sales to pay off outstanding employee wages, which as of 10 March 2024, have increased to IDR 98.93 billion.

"The asset sale process is currently progressing, in accordance with the terms of the peace agreement," wrote Yeliandriani, President Director of INAF, in a letter to Indonesia Stock Exchange (IDX) today (14/3).

Yeliandriani further mentioned that Indofarma has obtained shareholder approval to divest non-collateral assets and non-production collateral assets to settle these employee obligations.

"This is in line with the decision approved and set at the Extraordinary General Meeting of Shareholders (EGMS) on December 12, 2024," she stated in the letter to the IDX on Friday (14/3).

She added that the total value of the assets to be divested by the company reaches IDR 306.31 billion, far exceeding the obligations that need to be paid.

Previously, as of June 30, 2024, the employee wage arrears amounted to IDR 31.88 billion, consisting of salaries totalling IDR 19.75 billion, welfare benefits of IDR 6.14 billion, and year-end allowances of IDR 5.99 billion. (DH/ZH)