JAKARTA – PT Capitol Nusantara Indonesia Tbk (CANI) sells its asset in the form of a vessel in Batam shipyard for SGD 1.2 million. This action is intended as an efficiency measure to counter the declining oil and gas-related shipping activities.
Jansen Waroka, Director of Capitol Nusantara, claims that the asset disposal gives the company an additional sum of money, affecting its financial performance. “There would be an equity increase and cash flow improvement for the company post-transaction amidst the slowed shipping business and increasing operational expenses,” Waroka explains.
The ship in question is a barge of Bina 86. The transaction would be performed in two phases. The first is the down payment of SGD 320,000. Then, the remaining SGD 880,000 should be paid within three days after PT ASL Shipyard Indonesia in Batam issues the notice of readiness to PT Sarana Rejeki Lines as the buyer.
The selling of this vessel is valued at USD 892,493. It is below 10% of CANI’s total assets of USD 24.81 million reported in June 2021. The company’s current equity is at minus USD 33.62 million (in-house). (LK/ZH)