JAKARTA. PT Sinergi Multi Lestarindo Tbk (SMLE), a chemical wholesaler for food and cosmetic ingredient, announces the formation of a new subsidiary called PT Sinar Aroma Sentosa (SAS).

Siu Min, President Director of SMLE, said that the establishment of SAS has been approved by the Minister of Law and Human Rights since March 4, 2024. In the future, SAS will be engaged in the raw material refining or blending process, as stated under Indonesian Business Classification (KBLI) 10772, 20294, 20296, and 20299.

SAS is established with an authorised capital of IDR 10 billion. The total investment placed by SMLE in SAS is IDR 2.49 billion or equal to 99.96% of the shares, while the remaining IDR 1 million or 0.04% come from Yulia Rosaline.

“The formation of this subsidiary will allow operational activities handled by the company to be more focused and efficient, and the company can cater to the demand of a more expansive market,” added Siu Min in the official statement.

According to IDNFinancials data, SMLE reported cash and cash equivalent of IDR 66.33 billion as of March 31, 2024. Total assets were at IDR 177.76 billion, and total equity reached IDR 102.64 billion. (KR/ZH)