Frozen food producer, PT Estika Tata Tiara Tbk (BEEF), who does business with the KIBIF brand, received a disclaimer on its 2021 financial statements after recording a loss equivalent to 93 percent of its paid-in capital. The company went on an IPO in 2019, the worst time to expand its business, as less than a year later, the COVID-19 pandemic hit.Two years later, there’s not much the company can do. This week, KIBIF finally had to face a Suspension of Debt Payment (PKPU) lawsuit.
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