JAKARTA - PT Sumber Sinergi Makmur Tbk (IOTF) will become the distributor of global positioning system (GPS) tracker in Indonesia, which are acquired from Shenzen Jimi Iot Co Ltd (Jimi IOT), a non-affiliate of IOTF.

Based on the short prospectus quoted Monday (9/10), GPS trackers that will be purchased include 150,000 units of GTOGN, 120,000 units of ET200, 80,000 units of OBD, 22,500 units of X3, 22,500 units of Wetracklite, and other supporting devices of GPS trackers, such as sockets, cable ties, and nitto.

The agreement regarding GPS tracker distributor had been made by IOTF and Jimi IOT on December 30, 2022, which will take effect until December 2027.

The source of fund for the acquisition of GPS trackers is the proceeds of its public offering of 1.10 billion shares of IDR 10 each. The proceeds are projected to reach IDR 110 billion, all of which will be used as working capital.

IOTF deems GPS tracker sales in Indonesia has great prospects as automotive industry is hinting at recovery in 2022. In 2021, Association of Indonesia Automotive Industries (GAIKINDO) recorded whole sales or factory-to-dealers sales of 887,202 units, which rose to 900,000 units in 2022. (LK/ZH)