JAKARTA – PT Trinitan Green Energy Minerals (TGEM) has decided to sell the shares of its subsidiary, PT Hydortech Metal Indonesia (HMI), in PT Gostal Nickel Indonesia (GNI) to TGEM Pt Ltd Singapore for IDR 15.70 billion last week (31/10). For the record, TGEM is a subsidiary of PT Trinitan Metals and Minerals Tbk (PURE).

In the information disclosure quoted Monday (4/11), Widodo Sucipto, President Director of PURE, mentioned that the corporate action is a way to improve the company’s balance sheet.

“With positive balance sheet, it will significantly affect all operational aspects of the company. The company will be able to expand its business in the near future,” Sucipto mentioned.

According to Sucipto, the company will fulfil all requirements to external parties. “The company is committed to fulfil all of its obligations, the process of which may have been paused within the past couple of years,” Sucipto added.

As of December 2022, the company recorded total assets of IDR 672.04 billion, total liabilities of IDR 726.81 billion, and equity deficiency of IDR 54.77 billion.

In December 2022, as well, its revenue dropped to IDR 9.63 billion from IDR 15.70 billion seen in December 2021. Gross loss also swelled to IDR 20.28 billion from IDR 12.01 billion, whereas net loss actually improved to IDR 66.72 billion from IDR 69.25 billion. (LK/ZH)