Krakatau Steel Raises Ownership in Krakatau Posco by 20%
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29 November 2022 20:54 WIB
TEMPO.CO, Jakarta - Indonesia's state-owned steelmaker Krakatau Steel (IDX: KRAS) has officially increased its share ownership in Krakatau Posco by 20 percent. With the signing of the state equity participation (inbreng) deed, KRAS now has 50% stake in Krakatau Posco.
"This process began in 2016 when the Minutes of Agreement between Krakatau Steel and Krakatau Posco was signed," Krakatau Steel president director Silmy Karim said in a release we received on Monday, November 28.
Krakatau Posco is a joint venture between Krakatau Steel and Posco Holdings, which according to Silmy is the most efficient steel company in the world.
Silmy hopes that with bigger ownership in Krakatau Posco, Krakatau Steel can improve performance, especially in the production process.
Krakatau Posco has a production capacity of 3.2 million tons. The steel factories owned by Krakatau Posco are integrated with an Iron and Steel Making Plant, a Plate Rolling Mill and a Hot Rolling Plant. In 2021, the company booked US$415 million in profits and posted a revenue of US$2.35 billion.
Riani Sanusi Putri
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