Rengo Co., Ltd. announces that its joint venture in Thailand, Thai Containers Group (hereinafter, "TCG"), has acquired 75% of the shares in Indonesian corrugated packaging manufacturers PT Intan Ustrix (PT Indonesia Dirtajaya Aneka Industri Box), PT Bahana Buana Box, and PT Rapipack Asritama (hereinafter, these three companies are referred to as the "Intan Group") respectively through TCG Solutions Pte. Ltd, TCG's subsidiary.
The Intan Group is a leading corrugated packaging manufacturer group with four corrugated packaging factories in the suburbs of Surabaya in the eastern part of Java Island, the suburbs of Semarang in the central part, the suburbs of Jakarta in the western part, and the northern part of Sulawesi Island.
The Rengo Group has four corrugated packaging factories owned by PT Surya Rengo Containers, a joint venture with PT Indofood CBP Sukses Makmur Tbk, a major food company, and three corrugated packaging factories through TCG in Indonesia. Through the acquisition of shares this time, the Group will have 11 corrugated packaging factories in total.
The business in Southeast Asia, including that of Indonesia, has been positioned as an important strategic focus for the overseas operations of the Rengo Group as the General Packaging Industry (GPI), and we will continue to drive further enhancement of our business in the future.