JAKARTA. PT Indo Oils Perkasa Tbk (OILS), an issuer engaged in the agricultural products sector, has established a joint venture (JV) with Sena Mills Refineries Export (Private).

Peter Surya Prabowo, Corporate Secretary of OILS, revealed that this JV is called PT Indosena Perkasa Refineries (IPR). This entity had obtained the acknowledgment from the Minister of Law and Human Rights in 2018.

The stock portion of OILS in IPR is recorded at 51%, equal to IDR 5.1 billion. Meanwhile, the remaining 49% belongs to Sena Mills Refineries Export, which are equal to IDR 4.9 billion.

"IPR is formed to develop and enhance OILS's business performance," added Prabowo in the official statement.

In addition to that, Prabowo said that this JV formation is a next step of the company in its business expansion plan, as well as to generate higher revenue in the future. (KR/ZH)