JAKARTA. PT Indah Kiat Pulp & Paper Tbk (INKP), a pulp and paper company under Sinarmas Group, has liquidated two of its inactive subsidiaries.

Those two subsidiaries in question are PT Indah Kiat Global Ventura (IKGV) and PT Indah Kiat Power (IKP). Both companies are located in Central Jakarta.

Heri Santoso, Director and Corporate Secretary of INKP, said that the winding-up of both subsidiaries is decided based on the circular letter issued by Extraordinary General Meeting of Shareholders o IKGV and IKP on Auguust 30, 2023. “It has been decided that we will close down/liquidate IKGV and IKP,” Santoso mentioned in the information disclosure in Indonesia Stock Exchange (IDX).

“The winding-up/liquidation of subsidiaries will not impose any significant impact on the company’s condition,” Santoso clarified.

According to IDNFinancials data, IKGV and IKP started operating commercially in 2015. However, as of June 30, 2023, their total assets were recorded at only USD 6 each. (KR/ZH)