JAKARTA. PT Argha Karya Prima Industry Tbk (AKPI), a chemical company operating since 1982, has established a subsidiary with an investment of IDR 32 billion.

Tjoe Mun Lie, AKPI Corporate Secretary, said that the new subsidiary is called PT Argha Inovasi Pratama (AIP). In an information disclosure on the Indonesian Stock Exchange (BEI) today, Lie said that AIP was established with authorized capital of IDR 128 billion and issued and paid-up capital of IDR 32 billion.

"The aim and purpose of AIP is business expansion," said Lie.

The share ownership portion of AKPI in AIP is 99.9%. The remaining 0.1% of AIP shares are owned by Wilson Pribadi.

According to idnfinancials.com data, AKPI had cash and cash equivalents of IDR 44.09 billion as of September 30, 2023. The company's total assets were recorded at IDR 3.32 trillion and its total equity was IDR 1.71 trillion.

In the first nine months (9M) of 2023, AKPI's net sales were recorded at IDR 2.05 trillion. Meanwhile, the company's net profit was recorded at minus IDR 17.01 billion. (KR/LM)