JAKARTA. The shareholders of PT Pelita Samudera Shipping Tbk (PSSI) had approved the business spin-off plan, separating the bulk cargo transportation business to its subsidiary to optimise assets management.
The newly separated business line would be managed by PSSI’s new subsidiary, PT Pelita Global Logistik (PGL). Based on the information received by idnfinancials.com, PGL would be established with a paid-up capital of IDR 595.22 billion.
The spin-off of this bulk cargo business would be initiated by transferring six units of boats of PSSI to PGL. Additionally, any supplies and loans related to the spin-off would be reassigned to PGL.
Iriawan Ibarat, President Director of PSSI, claimed that this corporate action is intended to optimally promote bulk cargo business development. He further believed that by initiating a spin-off, PGL would gain easier financing access from banks and investors alike.
“It doesn’t rule out the possibility of the subsidiary to issue its shares to the public through a public offering should the evaluation declare its readiness,” Ibarat told idnfinancials.com yesterday (20/10).
PSSI is currently exploring the market alongside several strategic investors. The purpose of this market exploration is to expand the bulk cargo business segment.
Based on idnfinancials.com data, PSSI has scored operating revenue of USD 45.66 million throughout the first half of 2021. As a result, it posted the net profit amounted to USD 7.25 million. (KR/ZH)