JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) will distribute cash dividends of US$ 1.9 million (Rp 5 per share), equivalent to 14% of its net profit from FY2019.
Imelda Agustina Kiagoes, Corporate Secretary of PSSI, said that this is the fourth dividend distribution the company made since the company became a member of the Indonesia Stock Exchange in 2017. This decision was approved by the company's Annual General Meeting of Shareholders (AGMS) held on 3 June 2020.
PSSI will keep the remaining profit as reserve fund and retained earnings. "US$ 664 thousand or 5% of the net profit was set aside for the company's reserve fund and US$ 10.7 million or 81% was recorded as retained earnings," Kiagoes said through an official statement to idnfinancials.com today.
In addition, PSSI has also held an Extraordinary General Meeting of Shareholders (EGMS). In the meeting, the company approved the resignation of Setya Rahadi and Helena Adnan from their respective positions as Directors and Independent Directors of PSSI.
PSSI also received approval to get a US$ 20 million long-term debt facility with a 2.5-year tenor from Citibank. This facility, said Kiagoes, will be used to support sustainable business growth.
Finally, PSSI also obtained approval to form a subsidiary in Singapore. This subsidiary will expand the company's line of business overseas. "So as to provide an opportunity for the company to reach the international market and serve logistics transportation demand more quickly and efficiently," Kiagoes explained. (KR/AR)