Another more significant step of Raiz Invest Limited (ASX: RZI)
towards its expansion in the Raiz Invest Limited is securing the license of mutual fund distribution in Indonesia. PT Raiz Invest Indonesia which is a subsidiary company of RZI through its Mutual Fund Selling Agent (“APERD”) has received a license from Indonesian Financial Services Authority (OJK), will now act as a Securities Brokerage which is established to market mutual fund.
Meanwhile, RZI is waiting for the OJK’s review on its Raiz mobile first saving and investing technology. Once OJK shares its feedback, RZI would become fully operational in Indonesia.
RZI has already established an office in Jakarta where there are only three staffs who are progressing towards any changes required in its existing platform for its 270-million Indonesian market.
The Managing Director of Raiz, George Lucas considers this achievement of receiving a license from OJK as a boost for the company as they enter the Indonesian market where there is a continuous growth in population and GDP of the country. He also highlights that the company has made a public offering in June in Indonesia which forms an essential part of Southeast Asian strategy. In this regard, the company has received continuous support from OJK.
The official listing date of RZI is 21 June 2018. Since then, the performance of the company is -65.71%.
For the financial year 2018, the company made a net loss of $7.198 million. The balance sheet of the company appears to be healthy as the company has maintained a strong net asset base of $32.642 million and a debt-equity ratio of 0.087. The company has a total current assets of $12.789 million and a total current liabilities of $1.754 million which indicates that the company is in a position to meet its working capital requirement and the short-term obligations. However, FY2018 reports an increase in the accumulated losses which might create a negative impact on the investors and the shareholders of the company. It also indicates the poor operating performance of the company. The total shareholder’s equity was $32.642 million.
Further, there is an increase in the cash and cash equivalent of $0.033 million. As a result of this, the net cash and cash equivalent by the end of FY2018 was $4.446 million. By the end of the trading on 18 December 2018, the closing price of the share was A$0.500 which is close to 52 weeks low price. The closing price of the share was 0.02 points above its previous day’s closing price. The stock reports a market capitalization of A$31.79 million.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.