JAKARTA. PT Damai Sejahtera Abadi Tbk (UFOE), a retail company for electronic appliances, has formed a new subsidiary in Tangerang, West Java.

This subsidiary is established under the name PT Damai Lestari Nusantara (DLN) with an authorised capital of IDR 30 billion, consisting of 30 thousand shares. The issued and paid-up capital comprises 7,500 shares with total value of IDR 7.5 billion.

For this subsidiary establishment, UFOE has given capital investment worth IDR 4.5 billion, equal to 60% of DLN. Meanwhile, another 20% is placed by Yuvella Setiawan, 15% by Yudhi Setyawan, and 5% by Valentine Wangga.

"With this new subsidiary formed, the company is expected to be able to expand its market scope and enhance its performance," added Poedji Harixon, President Director of UFOE, in the official statement.

According to IDNFinancials data, UFOE manages electronic retail stores called UFO Elektronika, some of which are spread across East Java, Bali, and South Kalimantan. (KR/ZH)