JAKARTA. PT Sari Kreasi Boga Tbk (RAFI), the owner of Kebab Baba Rafi franchise network, has established a new subsidiary that is engaged in the rice milling and sale in Madiun, East Java.

The subsidiary is established under the title PT Sumber Asri Sejahtera (SAS). Actually, it was formed on December 26, 2022, with total investment reaching IDR 32.7 billion.

Nurul Wahyuningsih, Corporate Secretary of RAFI, said that this establishment of this subsidiary is not a material transaction, as the value does not exceed 20% of its total equity.

According to IDNFinancals data, RAFI’s portion in Sumber Asri Sejahtera is recorded at 54.50% as of December 31, 2023. Meanwhile, the total equity of Sumber Asri Sejahtera clocked up to IDR 68.73 billion.

For the record, Sumber Asri Sejahtera is engaged in a business much different from the core business of RAFI, which is known as the managing company of a processed food franchise. However, this corporate action is deemed in line with the improvement strategy of food supply business in a wide scale.

Since the beginning of this year, RAFI’s stock price has stagnated at IDR 50. Since its debut on Indonesia Stock Exchange (IDX), its stock price has slipped 120 points or 70.59% down from IDR 170 per share. (KR/ZH)