Salim's Indorent Cancels IPO Amid Market Fluctuations

By Editorial Team 26/08/2022
IPO business process
Summary

PT Indomobil Multi Jasa Tbk (IMJS) announced the cancellation of its subsidiary's initial public offering (IPO) plan, PT CSM Corporatama or Indorent. "In connection with the Company's Letter Number LGL/013/IMJ/IV/2022 dated April 14, 2022, regarding the previously submitted information report, we hereby convey that PT CSM Corporatama has not continued the initial public offering process," IMJS board of directors explained in a disclosure filing.

The IPO cancellation was due to unstable market conditions, so CSM Corporatama remained a closed company and readjusted its articles of association. "The value of the company's share ownership has not changed and remains the controlling shareholder of PT CSM Corporatama," the board of directors said.

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