JAKARTA - PT Asahimas Flat Glass Tbk (AMFG) is expanding its business to warehouse leasing through its assets located in Ancol, North Jakarta. The warehouse used to be a glass factory that has been idle since 2019.

Based on the prospectus quoted Wednesday (23/10), the company will hold Extraordinary General Meeting of Shareholders on November 29, 2024, in order to ask for approval regarding this plan of new business line expansion.

The land, according to the Building Rights Title, covers an area of 395,528 m2, while the building has an area totalling 64,037 m2 at Ancol Street IX/5, Pademangan, North Jakarta.

As is known, this company had winded down its sheet glass factory in Ancol back on January 29, 2019, before finally inaugurating and opening a new sheet glass and mirror factory in Cikampek on February 18, 2019. Within the past 5 years, the company has been trying to market this asset.

AFMG projects that this land and building leasing business will start to bring in profit three years from now. (LK/ZH)