JAKARTA. PT Sinar Eka Selaras Tbk (ERAL), recently listed company through its initial public offering (IPO) earlier this month, introduces a joint venture called PT MST Golf Indonesia (MGI).

Said joint venture is established alongside MST Golf Group Berhad (MST Golf), a company established and located in Malaysia. The joint venture is projected to lead the business in tools, equipment, and accessories of golf apparels in Indonesia.

"The total investment value is IDR 10.1 billion or equal to approximately MYR 3.06 million," said Badar Teguh, Corporate Secretary of ERAL, in the information disclosure in Indonesia Stock Exchange (IDX).

With this amount of investment, it means that ERAL paid up IDR 4.95 billion worth of capital or 49% of MGI, while MST Golf covered another IDR 5.15 billion or equivalent to 51% of shares of MGI. 

"Costs encumbered in this investment are covered by internal cash of the company," Tegus clarified.

According to IDNFinancials data, ERAL debuted in IDX on August 8, 2023. In said IPO, the company issued 1.03 billion shares and managed to rake in fresh funds of IDR 404.63 billion. (KR/ZH)