JAKARTA. PT Green Power Group Tbk (LABA), an industrial sector company previously known as PT Ladangbaja Murni Tbk, has established two new subsidiaries with total investment of IDR 20 billion. 

William Ong, President Director of LABA, said that two subsidiaries in question are called PT Green Power Battery (GPB) and PT Sustainable Energy Development Trading (SEDT). GPB will handle activities in battery industry, as well as electricity control and distribution equipment industry, whereas SEDT is prepared for automotive spare parts and accessories segment. 

For GPB, LABA controls 51% of the shares, worth IDR 5.1 billion of total issued and paid-up capital, while the remaining 49% belong to PT Qingdao Treasure Electronic Technology Co. Ltd.

Meanwhile, for SEDT, LABA claims 99% of the shares, leaving the 1% remaining to PT Nev Stored Energy.

Ong said that GPB will support the company's activities and is included in a long-term plan of the company. "This information will not cause any material impact on operational activities, legal and financial condition, and business sustainability of the company," added Ong. (KR/ZH)