Patin Resources to raise portion in Trans Power to 69.73%
JAKARTA. PT Patin Resources, the controlling shareholder of PT Trans Power Marine Tbk (TPMA), has raised its portion in TPMA after recently acquiring 11.39% of its shares. Thus, Patin Resources now gains control over 69.73% of total TPMA’s shares.
Based on the information disclosure in Indonesia Stock Exchange (IDX) yesterday (31/1), Patin Resources reportedly increased its portion in TPMA after purchasing 300 million units of shares, or approximately 11.39% of total shares, of IDR 450 each. Patin Resources is said to spend IDR 135 billion in this transaction. Rudy Sutiono, Corporate Secretary of TPMA, relayed the news in the information disclosure.
Sutiono also said that this purchase aims to reinforce the investment of Patin Resources in TPMA. Patin Resources controls TPMA directly and indirectly through PT Dwitunggal Perkasa Mandiri. “TPMA has a healthy financial condition and low financial leverage. Therefore, it surely needs support from the primary shareholder to drive the business forward in the future so that the company may stand against other competitors,” he mentioned.
As of September 2022, TPMA’s cash and cash equivalent rose to USD 12.3 million from USD 10.1 million in December 2021. Meanwhile, the bank’s long-term debts until September 2022 dropped to USD 6.4 million from USD 10 million seen in December 2021. Its net profit also proliferated 180% year-on-year (yoy) from USD 3.4 million to USD 9.6 million in September 2022. (AM/ZH)