JAKARTA — PT Indofarma Tbk (INAF) is reportedly planning to divest over 50% of company assets, according to the report received by IDNFinancials from Indonesia Stock Exchange (IDX) last Thursday (12/12).

Referring to the Financial Report of Q3 2024, Indofarma was seen recording total assets of IDR 758 billion, with non-current assets dominating the portion of IDR 549.48 billion. Meanwhile, current assets only clocked up to IDR 208.94 billion.

Then, total liabilities in said period arrived at IDR 1.73 trillion, made up of short-term liabilities of IDR 1.42 trillion and long-term ones of IDR 308.84 billion. Exhaustive short-term liabilities could be traced back to significant increases in shareholder loans and employee benefits.

This indicates that short-term liabilities drastically surpass current assets by sixfold. In addition, INAF also saw capital deficiency of IDR 970.63 billion until September 30, 2024.

Meanwhile, loss from operational activities clocked up to IDR 55.65 billion, thus dragging its cash and cash equivalent to a sharp downturn by 96.31% year-to-date (ytd) to only IDR 7.7 billion as of September 2024.

According to the disclosure, INAF will allocate the proceeds of asset divestment to settle these swollen liabilities. “Includes employee rightsizing, working capital, and payment to creditors,” added the Board of Directors of INAF. (DK/ZH)