JAKARTA. PT Yelooo Integra Datanet Tbk (YELO), a distributor of communication device and modern lease service provider, has divested its entire portion in PT Telemedia Komunikasi Pratama (TKP) to PT Dharma Sinar Semesta (DSS) with total transaction value of IDR 20.59 billion. 

All of YELO's shares in TKP sold to DSS clocks up to 20,599 shares or 99.99% of total shares. Each share has a face value of IDR 1 million.

YELO and DSS reportedly signed a Share Sale and Purchase Deed on June 13, 2024. The share transfer then takes effect after said deed was signed.

"The company divesting its portion in TKP is meant as one of its investment realizations, in which the company is currently narrowing its organisation for efficiency purposes and simplifying internal coordination and communication flow within the company," said the management of YELO in the official statement.

According to IDNFinancials data, TKP is engaged in trading, information and communication, manufacturing, as well as professional, scientific, and technical activities. TKP has been commercially operating since 2021 and recorded total assets worth IDR 29.61 billion as of March 31, 2024. 

Meanwhile, YELO's net profit in Q1 this year was stuck at IDR 1.33 billion, down 71.43% year-on-year (yoy). It is in line with the revenue downtrend, reaching IDR 88.17 billion or down 73.11% yoy. (KR/ZH)