JAKARTA – PT Pelita Samudera Shipping Tbk (PSSI) plans to make a spin-off for its bulk cargo transportation business by establishing a new subsidiary, PT Pelita Global Logistik (PGL). It is intended to enhance its good corporate governance.
In the information disclosure, quoted Tuesday (19/10), this business spin-off would go hand-in-hand with the reassignment of six cargo vessels. They are MV Dewi Saraswati, MV Dewi Abarwati, MV Daidan Pertiwi, MV Daidan Mustikawati, MV Dewi Shinta Manggala, and MV Gandawati. In total, they are worth USD 55.5 million. Moreover, there will also be a transfer of four units of handysize with a capacity of 32 thousand metric tons each and two units of Supramax cargo vessels of 56 thousand metric tons each.
PGL is designed to be formed with an authorised capital of IDR 2 trillion and issued and paid-up capital of IDR 601.23 billion. PSSI would control 99% of the shares, while the remaining 1% would be managed by PT Permata Bahari Shipping (PBS). This arrangement will be further discussed during the Extraordinary General Shareholders Meeting scheduled for tomorrow (20/10).
PSSI is a company that operates in the logistic and sea transportation business for coal and mineral mining companies and smelting facilities, as well as cargo services. (LK/ZH)