Indonesia“s PT Asahimas Flat Glass Tbk has said it will liquidate its Singapore-based subsidiary, Glavermas Mirror Pte. Ltd.
In a report to the Capital Market Supervisory Board (Bapepam), Company Di…
Indonesia“s PT Asahimas Flat Glass Tbk has said it will liquidate its Singapore-based subsidiary, Glavermas Mirror Pte. Ltd. In a report to the Capital Market Supervisory Board (Bapepam), Company Director H. Sholeh Dhagustani said improving efficiency lay behind the decision to liquidate the subsidiary. Sholeh said the company management has decided to divest assets considered not sufficiently profitable, adding that Glavermas Mirror has contributed little to the company“s income. Glavermas Mirror, which markets Asahimas“ mirror products, has not posted any profit since it was set up in 1997, he said.