purpose of carrying on the business as manufacturer and supplier of various finished and semi-finished automotive stamping components in Indonesia. The New Company further received the acknowledgment dated

line, and transactions with new trade partners that increased immensely. However, the Company’s petroleum-related businesses experienced a decline in finished product selling price per unit. As well as

investment of a new company 3.1 Name of new company MBK Food Service Company Limited (“MBK-FSV”) 3.2 Nature of Business Operation Management raw materials, products finished goods, Semi-finished goods 3.3

Company focused on marketing activities and new product launch, such as, Tempura Seaweed Salted Egg and Tinten Seasoned Squid Salted Egg, thereby causing the Company’s market share to reach more than 70

investments in new product launch, e.g., “Tin Ten” seasoned squid with salted egg and “Hinoya” Curry Shop, and as such, the expenses relative to sales during the product launch would be higher than usual. The

and took time to validate and eventually produce, therefore the company has to import the finished goods products for serving our protective coatings market. 3. The increasing of sells and

of the virus has caused demand for consumption of fuel around the world to decline with significance. This factor is putting pressure on the price of crude and finished product to drop significantly

a historic high rate of 123.5 KBD during this past September. Meanwhile, Operating GRM declined by 1.69 $/BBL from the previous year, which was affected by the crack spread of finished product and

price of crude and finished product to make its downward trend. With demand for fuel consumption declining across the globe, combined with the Organization of Petroleum Exporting Countries [ OPEC] and

consisting of the long finished steel production of 1.28 million metric tons, decreasing 4.26% and the flat finished steel production of 0.735 million metric tons, increasing 11.52% compared to the same period