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Lotte Logistic obtains a warehouse services contract worth US$ 8.68 million

15 April 2019 08:01

JAKARTA - PT Lotte Chemical Titan Nusantara, a subsidiary of PT Lotte Chemical Titan Tbk (FPIN) signed a warehouse and logistic services agreement with PT Lotte Logistic Indonesia with a value of US$ 8.68 million. The agreement will be implemented until 2022.

As cited from the company's disclosure of information, Johanes Bambang Budihardja, Director of PT Lotte Chemical Titan Tbk (FPIN) stated that the transaction was equal to 8.47% of the company's equity of US$ 102.43 million, as reported in its 2018 financial report.

The transaction consisted of domestic logistic expenses (US$ 5.91 million), export logistic expenses (US$ 2.02 million), and warehouse expenses (US$ 750,000) in 2019. In 2020, the transaction value is estimated to reach US$ 7.88 million, US$ 8.50 million in 2021, and US$ 9.18 million in 2022.

PT Lotte Chemical Titan Nusantara, a polyethene industry company and PT Lotte Logistic Indonesia (LLI) have the same shareholder, Lotte Corporation, South Korea. With the agreement, the company makes sure that product delivery to the consumer will be done on schedule, reduce the risk in using labour, and reduce logistic expenses. (LK/AR)

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