JAKARTA - Mitsui & Co. Ltd. has channelled extra capital of IDR 150 billion to PT Pangan Lestari (PL), a subsidiary of PT Sekar Laut Tbk (SKLT). This capital issuance reduces SKLT’s portion to 77.8% from 99.9% in PL.

In the information disclosure quoted Tuesday (17/10), John Gozal, Director of SKLT, said that the investment is estimated to take effect by December 31, 2023. “The company and Mitsui are not affiliated, and the transaction does not contain any conflicts of interests,” he said.

PL is a distributor of frozen food and beverages, which utilises high-quality room-temperature and cold chain logistics. This subsidiary owns a product development facility, PL Innovation Centre, which is used to develop recipes and solutions of utilisation for products distributed by PL.

At the end of the first half of 2023, this issuer collected IDR 908.86 billion of revenue, followed by gross profit of IDR 233.63 billion and net profit o IDR 35.02 billion. (LK/ZH)