Story-i Ltd’s Indonesian Venture Goes into Receivership

Story-I Ltd. (AU:SRY) has released an update.

Story-i Limited, an Indonesian Apple reseller, has entered receivership due to a combination of long-term losses, COVID-19 disruptions, and rising business costs, with debts totaling IDR 38.2 billion (AUD 3.58 million). The debt does not affect the parent company, as the liabilities are contained within the subsidiary, PT Inetindo Infocom (PII). While the company finalizes its accounts and seeks new business opportunities, it has also indicated ongoing late-stage discussions for potential deals with support from Indian Ocean Capital Advisors.

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