JAKARTA. PT Kino Indonesia Tbk (KINO), a consumer goods manufacturer and distributor, has established a joint venture (JV) titled PT Karsa Darma Berkarya (KDB).

This joint venture is formed alongside PT Bina Indo Nawasena (BIN), a non-affiliate of KINO. The authorised capital of this joint venture is set to IDR 4 billion, whereas the issued and paid-up capital amounts to IDR 1 billion.

In the establishment of BIN, KINO and KDB both put in IDR 500 million each. Thus, the portions of KDB and KINO are split in perfect halves, each owning 50%.

Clara Alexandra Linanda, Corporate Secretary of KINO, believes that the establishment of this JV will enrich the company’s portfolio in the food segment. “Furthermore, it will positively affect the profitability and financial condition of the company,” she explained.

According to IDNFinancials data, KINO recorded cash and cash equivalent of IDR 222.56 billion at the end of this first quarter of 2023. Its total assets and equity were also seen at IDR 4.69 trillion and IDR 1.5 trillion. (KR/ZH)