Jakarta - PT Indomobil Multi Jasa Tbk (IMJS) announced the cancellation of the planned initial public offering (IPO) for the shares of its subsidiary, PT CSM Corporatama.

"We convey that PT CSM Corporatama will not continue the IPO process due to unstable market conditions," said IMJS President Director Jusak Kertowidjojo in information disclosure in Jakarta on Thursday (8/25).

Thus, PT CSM Corporatama remains a closed company and has readjusted its articles of association.

"The value of the company's share ownership has not changed and remains the controlling shareholder of CSM Corporatama," he explained.

CSM Corporatama is a company engaged in the vehicle rental business under the name Indorent.