Memiontec incorporates Indonesia business subsidiary

The company owns 99.4% of its subsidiary.

Memiontec Holdings Ltd. announced the incorporation of PT. MIT Investment, a subsidiary in Indonesia.

PT. MIT Investment is an investment holding company. It has an issued and paid-up share capital of approximately $1k comprising 11,000 ordinary shares.

Nine out of ten (90%) shares are held by  MIT Investment Pte. Ltd., the company’s wholly-owned subsidiary in Singapore whilst the remaining 10% shares are held by PT Memiontec Indonesia.

The incorporation was funded through internal resources of the group with no expected material impact on the net tangible assets per share and earnings per share of the company and its subsidiary for the financial year ending 31 December 2024.