JAKARTA. PT Madusari Murni Indah Tbk (MOLI) is merging two of its subsidiaries for business efficiency purposes.

Jose G. Tan, Director and Corporate Secretary of MOLI, revealed that the merged subsidiaries are PT Molindo Inti Gas (MIG) and PT Molindo Raya Industrial (MRI). In this merger, MRI will be the receiving entity.

“The merger will simplify and consolidate asset ownership structure into one legal entity under the same control,” added Tan in today’s (2/1) information disclosure.

According to IDNFinancials data, MOLI will only score net profit of IDR 23 billion within the first nine months (9M) of 2024. The profit slipped significantly lower than IDR 80 billion recorded in 9M 2023, or full-year 2023 of IDR 94 billion.

Meanwhile, within the first year, MOLI’s share price also dropped 47.26% or 190 points down to IDR 212 per share. (KR/ZH)