Glass producer PT Asahimas Flat Glass plans to sell its stake in PT Glavermas Mirror Singapura, director Kenzo Moriyama said.
“The management sees the subsidiary“s contribution remains small and not…
Glass producer PT Asahimas Flat Glass plans to sell its stake in PT Glavermas Mirror Singapura, director Kenzo Moriyama said. “The management sees the subsidiary“s contribution remains small and not significant to the holding company,” Kenzo said. Asahimas has decided to sell its stake in Glavermas in an attempt to make the holding company efficient, he said. Kenzo also said that his company saw a decline in domestic sales due to the entry of imported glass at lower prices, especially from China. Aside from that, he added, recent fuel price rises had created difficulties for the company because its operational costs continued to increase, while consumer buying power was falling. In the 3Q 2005, the company“s domestic sales fell to 144,120 tons from 138,804 tons in the same period of 2004. However, its net sales rose from IDR 1.039 trillion to IDR 1.307 trillion.