PSSI to Issue New Shares

By Editorial Team 18/09/2019
Summary

The extraordinary general shareholders meeting (RUPSLB) of PT Pelita Samudera Shipping Tbk (PSSI) on Monday (9/16) has agreed on holding a private placement of 402.69 million units or eight percent from the total placed and fully-paid shares. At a conversion price of Rp211 apiece, the shipping company could earn around Rp 84.97 billion. However, PSSI is still finalizing the premium price of its new shares.

The potential buyer of new PSSI shares is a Singapore-based company, Convivial Navigation Co Pte Ltd. The share buying is related to the PSSI’s purchase on a 2009 handysize MV ship owned by Convivial Navigation at US$ 7.525 million. The purchase details are as follows: PSSI will pay the vessel in cash, while the remaining 80 percent will be in shares. PSSI’s decision to strengthen the armada is to anticipate the increase of shipping demands in the future, especially the coal shipping demands.

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