JAKARTA - PT Erajaya Swasembada Tbk (ERAA) continues to expand its business in the food and beverage sector in Indonesia. Through its subsidiary, the company established a joint venture with an investor from Singapore.

Amelia Allen, Corporate Secretary of ERAA said that the joint venture company formed, PT Chagee Era Indonesia (CEI) will run a food and beverage business under the Chagee brand. ‘The investment value from EBN in the joint venture is IDR120 billion,’ she said on Thursday (13/2).

PT Era Boga Nusantara (EBN), a subsidiary, and Tea Explorer Pte Ltd (TEA), Singapore, signed a cooperation agreement to form CEI yesterday (12/2). CEI's capital is 300,000 shares or IDR 300 billion with an ownership structure of EBN 40% or IDR 120 billion and TEA IDR 180 billion.

According to her, all costs incurred in EBN's investment are from EBN's internal cash. ‘The establishment of the joint venture will result in an increase in the company's business lines,’ she said. (LK/LM)