JAKARTA. PT Multi Garam Utama Tbk (FOLK) has allocated investment worth IDR 10 billion to PT Folk Cipta Karya (FCK).

Danny Sutradewa, President Director of FOLK, said that this investment will be channelled in two stages. In the first phase, the company had disbursed IDR 4.97 billion to FCK on November 17, 2023.

Then, for the second phase, FOLK will put in IDR 5.03 billion to FCK. “With this phase II investment, the company is now holding 176 shares of FCK, which are equal to 10.09% of total shares issued by FCK,” Sutradewa explained in the official disclosure.

According to IDNFinancials data, FOLK is a multi-sector holding company established circa 2019. Several of omnichannel retail brands managed by the company include Amazara (AIM), Dr Soap, and Syca.

FOLK debuted through its initial public offering (IPO) on August 7, 2023, issuing 570 million shares. In this corporate action, it managed to collect IDR 57 billion of fresh funds. (KR/ZH)