JAKARTA. PT Sinar Eka Selaras Tbk (ERAL) has raised its ownership portion in a joint venture (JV) established alongside JD Sports Fashion Plc. (JD UK).

Badar Teguh Mancik Alam, Corporate Secretary of ERAL, confirmed that there are 2 JVs taken over by the company, namely PT JDSports Fashion Indonesia (JDFI) and PT JDSports Fashion Distribution (JDFD).

ERAL has reportedly acquired 89,250 shares of JDFI from JD UK, with transaction totalling IDR 89.25 billion. Meanwhile, ERAL takes over 4,949 shares of JDFD from JD UK, as well, with transaction value reaching IDR 4.94 billion.

After this shares’ takeover, ERAL is now claiming full control over JDFI and JDFD’s shares.

“This change will further affect financial position of the company, in which JDFI and JDFD’s reports will be consolidated into the company’s financial statement,” said Alam in the official statement.

For the record, JD UK will remain as JDFI’s franchise business partner. However, operational sustainability and business development of JDSports in Indonesia will continue under ERAL’s lead. (KR/ZH)