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HRnetGroup incorporates manpower services JV in Indonesia
HRNETGROUP has incorporated a joint venture (JV) for its business in Indonesia, the mainboard-listed recruitment firm said on Monday.
The JV, PT Recruit First Indonesia (RFI), was incorporated on Jan 17.
"RFI shall provide manpower activity services, specifically for the activities of domestic manpower selection, outsourcing, placement and other management consultancy services," the company said.
In addition, Debby Rimbun and Rubby Rimbun, who have been operating as co-owners of the group's business in Indonesia since Sept 1, 2018, will also be co-investing and leading the business of RFI.
As at Jan 17, HRnetOne, a wholly-owned subsidiary of HRnetGroup, holds a 49 per cent stake in the company, while Ms Debby Rimbun and Ms Rubby Rimbun hold the remaining 51 per cent stake.
HRnetOne intends to contribute S$1.5 million towards the registered capital of RFI, while Ms Debby Rimbun and Ms Rubby Rimbun plans to contribute S$0.3 million each.
The deal is not expected to result in any material financial impact for the group in the current financial year, and is part of its efforts to expand its core business of recruitment services, HRnetGroup said.
Shares in HRnetGroup closed flat at 61.5 Singapore cents on Monday, before this announcement.