Jakarta - PT Indo Rama Synthetics Tbk (INDR) has completed the sale of its 100% stake in Isin Lanka (Private) Limited, Sri Lanka, which is wholly-owned as an indirect subsidiary.

"Completion of the transaction has been achieved on December 31, 2021," the management of Indo Rama Synthetics stated in the company's disclosure of information submitted to the Indonesia Stock Exchange on Friday (7/1).

Thus, ISL is no longer an indirect business entity of the company, and the transaction has no impact on operational activities, as well as the company's business continuity.

On November 4, 2021, INDR announced that IRS Global Pte Ltd Singapore, an indirect business entity, had entered into a sale and purchase agreement to sell 100% ownership in ISL to Sri IsinCeylon (Private) Limited, Sri Lanka.