JAKARTA. PT Sinar Mas Multiartha Tbk (SMMA), a financial service company under Sinar Mas Group, has made capital investment in PT Liugong Finance Indonesia.

Burhanuddin Abdullah, President Director of SMMA, said that the investment channelled by the company clocks up to IDR 95 billion. With this investment, SMMA will directly have a claim over 19% of Liugong Finance’s shares.

“The amount of capital investment does not exceed 20% of total equity. Thus, this investment is not material,” said Abdullah in the information disclosure in Indonesia Stock Exchange (IDX).

Abdullah also revealed that the controlling shareholder of Liugong Finance Indonesia is Liugong Machinery Hongkong Co. Ltd. Liugong Machinery Hongkong reportedly controls 81% of Liugong Finance Indonesia.

According to IDNFinancials data, Liugong Machinery Hongkong has been operating for over 60 years, and has become the leading company in heavy equipment for construction and manufacturing industry. In Indonesia, Liugong Machinery Hongkong has branched out through the operation of a subsidiary called PT Liugong Machinery Indonesia established circa 2019. (KR/ZH)