JAKARTA. PT PP (Persero) Tbk (PTPP) and 5 other State-Owned Enterprises (BUMN) have worked together to form a joint venture company called PT Karya Logistik Nusantara (KLN).

The joint venture was established with an authorized capital of IDR 340 billion. Meanwhile, the issued and paid-up capital of KLN is IDR 85 billion.

Bakhtiyar Efendi, Corporate Secretary of PTPP, said that the company made a capital injection of IDR 15 billion in KLN. This is equivalent to 15% of the issued and fully paid capital of KLN.

Meanwhile, PT Hutama Karya (Persero) also provided IDR 15 billion in capital, PT Wijaya Karya (Persero) Tbk (WIKA) IDR 15 billion, PT Adhi Karya (Persero) Tbk (ADHI) IDR 15 billion, PT Brantas Abipraya (Persero) IDR 12.5 billion, and PT Nindya Karya IDR 12.5 billion.

"The purpose and objective of establishing PT Karya Logistik Nusantara is to engage in the precast concrete industry and trade in construction materials, warehousing and seaports," said Efendi, in an official statement.

From the business side, Efendi admitted that PTPP would get a positive impact from the investment made for KLN. "The establishment of this joint venture will also support the company's business activities, where the company will obtain recurring income from the statement," said Efendi. (KR/LM)