JAKARTA. PT Ifishdeco Tbk (IFSH), a nickel mining company with total land concession of over 3 thousand hectares, has channelled extra capital of IDR 6.4 billion to its subsidiary, PT Patrindo Jaya Makmur (PJM).

The management of IFSH confirmed that said capital investment is given alongside the issuance of 14,222 new shares of PJM. Out of those new shares, the company will take over 12,800 shares for a total of IDR 6.4 billion.

“There is no material impact that will harm the operational activities, financial condition, and business sustainability of the company,” added the management of IFSH in the official statement.

After granting this extra capital, IFSH’s portion in PJM will remain stable at 90%. Meanwhile, another 10% of PJM belongs to Lina Suti, who is also the President Commissioner of IFSH.

According to IDNFinancials data, PJM is a business entity under IFSH with total assets of IDR 110.19 billion, as of December 2023. Although its assets have consistently grown for the past three years, PJM has been struggling with two years of consecutive losses.

In 2022, PJM recorded a loss of IDR 11.29 billion, while in 2021, its loss was seen at IDR 7.06 billion. (KR/ZH)