JAKARTA. PT NFC Indonesia Tbk (NFCX) has winded down one of its business lines, PT Sewa Baterai Listrik (SBL), a subsidiary engaged in the electric vehicle battery rental business.

Abraham Theofilus, President Director of NFCX, confirmed that the company owns 55% of SBL through PT Energi Selalu Baru (ESB). SBL was only established on April 5, 2023, not even one year old. The company issued initial capital worth IDR 5.5 billion in SBL.

“The dissolvement of Sewa Baterai Listrik carries no significant impact on the company’s condition,” Theofilus added in the official disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, SBL was initially projected to be able to generate routine, recurring, and sustainable income. In addition, SBL was also expected to support ESB’s business activities. (KR/ZH)