PSSI Announces Spin Off of Dry Bulk Ship Business Segment to Intensify the Growth

PT Pelita Samudera Shipping Tbk (IDX: PSSI) (the “Company”) held an Extraordinary General Meeting of Shareholders (“Meeting”) on October 20, 2021, to seek approval for the Spin-off of Dry Bulk Ship Business Segment from the company to a subsidiary.

The Company has undergone thorough assessment and process of the spin-off has been conducted in compliance with the applicable rules and regulations. Through the Spin-off, it is expected that the development and management of assets can be more intensive and more optimal, so that both companies; the Company as a Parent, and a subsidiary entity, can make a better contribution to all stakeholders of the Company. This process is carried out by transferring six units of bulk cargo ships owned by the Company, along with their related inventories and loans related to separation to the subsidiary whereby the Company owns 99%.

Iriawan Ibarat, President Director of the Company, is quoted, “By having the spin off, dry bulk business is focused in one subsidiary company that would enable the subsidiary company to have access to funding both from banks and strategic investors. It would also provide opportunity to offer its shares to the public through the Public Offering. Iriawan added, the Company is currently exploring the market with strategic investors to develop the Dry Bulk ship business segment.

– End –

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *