JAKARTA – PT Multi Medika Internasional Tbk (MMIX) joins hands with Fujian Nicepaper Hygiene Products Co. from China to establish a joint venture called PT Multi Nice Paper Indonesia (MNPI).

Mengky Mangarek, President Director of MMIX, mentioned that the joint venture will be engaged in the tissue paper and non-woven fabric industry.

The authorised capital, as well as the issued and paid-up capital of MNPI, is set to IDR 31 billion, representing the worth of 310 million shares.

MMIX is putting investment worth IDR 4.65 billion in MNPI, leaving the remaining IDR 26.35 billion channelled by Fujian Nicepaper. Thus, with said allocation, MMIX only controls 15% of the shares, while Fujian Nicepaper has another 85%.

“The establishment of MNPI will pose impact and positive contribution in the future for the company, which, as a subsidiary, will expand the business as a part of development strategy of the company,” said Mangarek in the official statement.

According to IDNFinancials data, MMIX only posted cash and cash equivalent of IDR 15 billion as of September 30, 2024. Meanwhile, total assets reached IDR 272 billion. (KR/ZH)