Jakarta - PT Mitra Investindo Tbk (MITI) divested its 90% stake in Gold Water Ls Ltd (GWSLS) to First State Finance Limited.

GWSLSL has had no operating income since the termination of the TAC IBN Oil Holdico contract in 2018, oil field operator Linde Sele, in Sorong, West Papua.

"With this share release, the company will focus more on its main business in the shipping sector, including logistics and loading and unloading services," said MITI President Director Andreas Tjahjadi in information disclosure in Jakarta on Tuesday (14/12).

In addition, the divestment of shares will also increase the company's efficiency and reduce investment losses in the company's oil and gas sector, considering that GWSLS has had no income since the termination of the TAC IBN Oil Holdico contract.