SINGAPORE: HRnetGroup Limited has announced the incorporation of a joint-venture entity, PT Recruit First Indonesia (RFI) for manpower activity services in Indonesia. HRnetGroup Limited is a Singapore-based recruitment agency. The Company operates through two segments: flexible staffing and professional recruitment.

Debby Rimbun and Rubby Rimbun will be co-investing and leading the business of RFI. As at the date of incorporation, HRnet One Pte Ltd holds 49% of the total number of issued shares of all classes in RFI while Debby and Rubby, in aggregate, hold 51% of the total number of issued shares of all classes in RFI.

HRnet One Pte Ltd, Debby Rimbun and Rubby Rimbun intend to contribute S$1.5 million, S$0.3 million and S$0.3 million respectively towards the registered capital of RFI.

RFI shall provide manpower activity services, specifically for the activities of domestic manpower selection, outsourcing, and placement and other management consultancy service. The foregoing is not expected to give rise to any material financial impact on the Group for the current financial year.

The transaction is part of the Company’s continuing efforts to expand its core business of recruitment services, and is in the ordinary course of its business.