PT Kurniamitra Duta Sentosa Tbk (KDMS) has invested in shares of PT Formosa Ingredients Factory, which the company took from the portfolio shares totaling 274 million shares, equivalent of 30% of the paid-up and issued capital.

Kurniamitra executed the transaction with Formosa on March 23, 2021, with an investment value of Rp30 billion.

"Thus, the company controls 30% of Formosa's shares," said President Director of Kurniamitra, Hengky Wijaya in the IDX disclosure on Friday (26/3).

In connection with the company's issuance of new Formosa shares and equity participation, both parties have obtained approval from the shareholders. However, authorization to make investments and other actions deemed necessary.

In its efforts to carry out business development and sustainable revenue growth, management sees opportunities and believes that participation can increase the synergy and integration between the company and Formosa. The company hopes the participation can increase added value for shareholders.

This integration can add new manufacturing and production lines of F&B products to serve Indonesia's culinary industry.