JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) has been granted permission during its General Shareholders Meeting to sign a long-term loan facility worth USD 13.9 million from PT Bank Permata (BNLI) with a four-year tenor.
According to the official statement received by idnfinancials.com, this IDR 200 billion credit facility would be utilised in supporting the company’s strategy of a simultaneous fleet expansion. By securing this loans, the company would proceed to purchase three sets of tugboats and barges.
Half of the new boats had been acquired by PSSI in Q1 2021. “In Q1 2021, the company had bought two units of tugboats and had yielded a positive result,” Imelda Agustina Kiagoes, the Corporate Secretary of PSSI, confirms.
As an additional note, the tugboat and barge business line contributed up to USD 8.7 million to the operating revenue in Q1 2021. The expanded fleet had also driven time-charter revenue upward to USD 2.3 million in Q1 2021 from USD 125 thousand in Q1 2020.
Besides approving the long-term loan, the shareholders meeting also decided on the cash dividend distribution from the 2020 net profit. As reported by idnfinancials.com, the total dividend to be disbursed reaches USD 2.97 million, or IDR 43 billion, equal to 35% of the company’s net profit in 2020.
Furthermore, PSSI receives the green light in its buyback plan of 300 million units of shares. The stock buyback has been carried out gradually from June 17, 2021, until June 16, 2022. (KR/ZH)