JAKARTA. PT Alakasa Industrindo Tbk (ALKA), a metal and mineral processing and trading company, has sold off one of its subsidiaries, PT Alakasa Alumina Refineri (AAR).

Sucipto Tanro, President Director of ALKA, said that the number of AAR’s shares divested by the company is equal to 70% of total shares. These shares are transferred to PT Selaras Investama Globalindo.

“There is no affiliation between parties involved in this transaction (AAR and Selaras Investama),” Tanro confirmed in the official release.

The value of AAR’s divestment reaches IDR 10.89 billion. With this divestment under way, ALKA no longer has portions in AAR.

“The purpose of this transaction is to reinforce overall operational aspect of the company,” added Tanro.

According to IDNFinancials data, AAR is a company engaged in the raw material trading industry. As of September 30, 2023, AAR reported total assets before elimination of IDR 17.79 billion. (KR/ZH)