Widely diversified Bhakti Group said it will invest at least $180 million this year to expand business in the mass media and telecommunications sector, Asia Pulse reported Monday.
Hary Djaja, president of holding company PT Bhakti Investama, said mass media subsidiary PT Media Nusantara Citra plans to invest $10 million and telecommunication subsidiary PT Mobile-8 will invest up to $170 million.
Djaja said the holding company will focus more on business in the financial sector through Bhakti Finance, providing financing service for the purchase of house and motorcycles.
This year Bhakti Finance is set to provide financing service worth $800 billion, up from Rp300 billion last year.
Bhakti Investama is predicted to chalk up Rp600 billion in net profit this year, down from Rp695 billion last year.
The high profit last year was partly the result of the sales of assets.