JAKARTA. PT NFC Indonesia Tbk (NFCX) through one of its subsidiaries, namely PT Energi Always Baru (ESB), has established a joint venture company by investing IDR 5.5 billion in capital.

Abraham Theofilus, President Director of NFCX, said that the company was established under the name PT Sewa Baterai Listrik (SBL). The amount of paid-up capital provided by ESB represents 55% of the shares in SBL.

"This transaction supports ESB's main business activities and will be a business activity that is carried out in order to generate business income and is carried out routinely, repeatedly and or continuously," said Theofilius.

According to data from idnfinancials.com, ESB is a business entity that has started operating commercially since 2021. The portion of NFCX's shareholding in ESB was recorded at 35% as of December 31, 2022. Meanwhile, ESB's total assets were recorded at IDR 151.99 billion.

Meanwhile, NFCX's cash and cash equivalents by the end of 2022 were recorded at IDR 233.25 billion. Total assets were recorded at IDR 1.86 trillion and its total equity was IDR 1.37 trillion. (KR/LM)