Japan Elevator Service to establish subsidiary in Indonesia
JAKARTA, NNA – Japan Elevator Service Holdings Co., a Tokyo-based elevator maintenance service provider, said Friday it will establish a subsidiary in Jakarta in March 2020.
The company regards its investment in Southeast Asia as one of the cores of its medium- and long-term growth strategy. It intends to use its establishment of the subsidiary in Indonesia as a springboard to further expand its business activities, it said in a statement.
The subsidiary, PT. Japan Elevator Service Indonesia (JES Indonesia), which will provide elevator maintenance, repair and renewal services, will be capitalized at 3.5 billion rupiah ($255,000). Japan Elevator Service Holdings will hold a 40 percent stake, while two Indonesian companies engaged in real estate and other business activities – PT Bangun Karunia Prima Langgeng and PT Cahaya Daya Esa – will each hold 30 percent, the statement said.
Directors or employees of the Tokyo-listed firm will assume three of the five positions of the JES Indonesia board, according to the statement.
The global elevator market is dominated by brands such as Otis, Hitachi, Mitsubishi Electric, Toshiba, Schindler and Kone, which largely provide maintenance services for their own equipment. Japan Elevator Service can offer the service at lower costs than those under the manufacturing groups, according to the company.