JAKARTA. PT Pelita Samudera Shipping Indonesia Tbk (PSSI) obtained a short-term loan facility of US$ 10 million to expand its cargo ship fleet.
Imelda Agustina Kiagoes, Corporate Secretary of PSSI, said that the request for the loan facility has been approved during the company's Extraordinary General Meeting of Shareholders (EGM). She said that the loan facility came from Citibank, with a 1 year-tenor and without collateral.
"Previously, another US$ 10 million (loan facility) has been approved, which makes the total amount reach US$ 20 million," Imelda explained on Monday (27/5) to idnfinancials.com in writing.
Imelda said that the loan facility would strengthen the company's capital structure this year. She said that the company's Debt to Equity Ratio (DER) is currently at a safe level and continues to improve. "The net loan to capital ratio is 0.13 times as of December 2018, compared to 0.26 times in December 2017," Imelda explained.
In addition to giving approval for the additional loan facility, the EGM of PSSI also approved changes in the company's board of commissioners. Lilis Halim was chosen as Independent Commissioner, replacing Adi Harsono. Meanwhile, Adi Harsono was re-elected as Commissioner. (KR/AR)