PT Martina Berto Tbk. (IDX: MBTO), a company engaged in the manufacturing and distributing traditional medicines and cosmetics plans to divest some of its assets to maintain its cash flow. Based on the document submitted to the authority on 5 August 2021, the value of the transaction will reach IDR180 billion.
Photo: Martina Berto
The divested assets are located in Bekasi, West Java, Indonesia, and include 94,352 m2 of land, buildings with an area of 4,839 m2, machinery, building equipment, laboratory facilities, and office supplies. The value of the transaction is equal to 33.34% of the company's equity as of June 30, 2021.
The sale of the assets will be made to PT Kosmetika Global Indonesia (KGI), a cosmetics company domiciled in Malang, East Java, Indonesia. There is no affiliation relationship between MBTO and KGI.
The company explained that the sale of the assets is carried out to maintain its cash flow due to the sales decline. It also needs funds to pay its suppliers and bank loans.
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