Jakarta - PT Indika Energy Tbk (INDY) established a subsidiary named PT Solusi Mobilitas Indonesia (SMI).

"The inclusion of the company's shares in SMI is a step to expand its business into the electric vehicle sector in Indonesia," said INDY Corporate Secretary Adi Pramono in an information disclosure in Jakarta on Wednesday (3/30).

SMI's business activities are to manufacture two-wheeled motorcycles, carry out wholesale trade in motorcycles and their spare parts and accessories, and provide management consulting services.

The shareholders of SMI are Indika Energy, with around 99.99%, and Indika Energy Infrastructure, with 0.002%.