JAKARTA. PT Provident Investasi Bersama Tbk (PALM), an investment company that previously operated in the agricultural products sector, has increased the issued and paid-up capital of one of its subsidiaries, namely PT Alam Permai (AP), with a deposit of IDR 3.69 trillion.

The additional capital deposit increased AP's issued and paid-up capital to IDR 3.7 trillion, from previously only IDR 11.3 billion. Simultaneously, AP's authorized capital was also increased to IDR 3.7 trillion, from previously only IDR 11.3 billion.

This capital injection caused PALM's portion of share ownership in AP to increase slightly to 99.99997%.

PALM management said that the capital injection was part of the company's strategy to develop its investment portfolio.

According to idnfinancials.com data, PALM previously acquired shares in PT Merdeka Battery Materials Tbk (MBMA) from a number of investors, including Garibaldi Thohir. All additional capital funds obtained by PALM were used to pay off the acquisition of MBMA shares to a number of investors.

"The company believes that the transaction will not disrupt the continuity of the company's business," explained PALM Management, in an official statement.

In today's first trading session, PALM's share price rose 4 points or 0.87% to IDR 464 per share. However, since the beginning of this year, the company's share price has fallen 157.24 points or 25.31%. (KR/LM)