JAKARTA: Salim Group Holding PT Indofood Sukses Makmur Tbk established new subsidiary in shipping service industry namely Glory Sky Enterprise Pte Ltd based on Singapore.
Indofoor Director and Corporate Secretary Werianty Setiawan explained the subsidiary establishment will be conducted through a company’s subsidiary company namely Ocean 21Pte Ltd .
"The company was founded with a paid in capital of US$ 1,000," he said in an official statement on Tuesday (3/7/2012).
Earlier in late May 2012, Ocean 21 Pte Ltd has also established a shipping company namely Ocean Amazing Pte Ltd with a paid in capital of US$100,000.
"Glory Sky Enterprise Pte Ltd was established to anticipate Ocean 21 business expansion which engaged in shipping services," he explained.
Based on the company's financial statements by March 31, 2012, Ocean 21 Ltd has assets amounting to IDR1.58 trillion, with direct ownership of 100%.
This year, Indofood boosted capital expenditure (capex) allocation to IDR6.4 trillion. The capex was 220% higher than last year capex realization which only IDR2 trillion.
According to Werianty, the capex requirement will be fully paid from company's internal cash which in QI/2012 reached IDR14 trillion.
"As many as 46% [IDR2.9 trillion] from total capex were allocated to agribusiness group for new planting, maintenance, and additional capacity," he said several months ago.
Furthermore as many as 36% or IDR2.3 trillion will be used to fund capex of branded consumer products (CBP) division which run by ICBP. "The remaining 18% [IDR1.15 trillion] for bogasari and distribution division," he added. (T07/TW)