HRnetGroup co-invests S$500,000 into Indonesia flexible staffing business

RECRUITMENT company HRnetGroup on Thursday (May 26) said it co-invested S$500,000 into the flexible staffing business of Recruit First Indonesia (RFI), through its wholly-owned subsidiary HRnet One.

The group made the investment with a new RFI co-owner Kelvin Rimbum to provide further working capital, it said in a press statement.

Rimbun, who is a senior consultant, was part of RFI's pioneer team when it started in July 2020. This came after HRnetGroup entered into a second joint venture with Debby Rimbun and Rubby Rinbun – the owners of Rimbun Job Agency.

The first joint venture with Debby Rimbun and Rubby Rimbun led to the incorporation of HRnet Rimbun Indonesia, bringing HRnetGroup back to the city of Jakarta after a 20-year hiatus.

RFI deploys contractors and/or manages the payroll for 2,000 people, HRnetGroup noted.

Kelvin Rimbun became a co-owner of RFI alongside Debby Rimbun and Rubby Rimbun in May 2022. He personally invested in the business unit, bringing the total number of co-owner leaders in HRnetGroup to 36.

Through this co-ownership model, HRnetGroup said it welcomed new brands and businesses, including Rimbun in Indonesia and REForce in China. Co-owner participation led to a compound annual growth rate of 47 per cent in net profits and a return on investment of 41 per cent from the acquired businesses.

HRnetGroup closed 0.7 per cent or S$0.005 higher at S$0.715 on Wednesday.