JAKARTA. PT AKR Corporindo Tbk (AKRA), a fuel distributor operating circa 1978, has injected extra capital worth IDR 62.65 billion to one of its subsidiaries, PT Anugerah Krida Retailindo (Akrida).

This extra capital is given in order to increase the issued and paid-up capital of Akrida to IDR 768.52 billion from the initial IDR 705.87 billion. With this amount of capital, AKRA’s stock portion in Akrida remains unchanged at 99.99%.

“The fund received by Akrida will be used to support its business activities and/or capitalisation of Akrida’s subsidiaries,” Suresh Vembu, Director and Corporate Secretary of AKRA, mentioned in the official statement.

According to IDNFinancials data, AKRA had previously granted additional capital of IDR 5.27 billion to Akrida in May 2023. It was then utilised to sustain its business activities and capitalisation of Akrida’s subsidiaries.

As of June 30, 2023, Akrida recorded total assets before elimination worth IDR 1.26 trillion. The business segment led by Akrida involves trading and becoming a holding company. (KR/ZH)