PSS TO OBTAIN LOAN FACILITIES FOR SHORT-TERM NEEDS

PSS TO OBTAIN LOAN FACILITIES FOR SHORT-TERM NEEDS

 

  • Total loan facilities amounted up to US$12 million
  • Set to add 1 unit of Tugboat and 1 unit of Handymax Class Mother Vessel as part of continued fleet expansion

  

JAKARTA, DECEMBER 5, 2018

 

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) has concluded an Extraordinarry General Shareholder Meeting (“EGMS”) today on the Financial Club, Graha CIMB Niaga, Jakarta.

In the EGMS, majority shareholders approved the Company’s plan to seek Short-term Bank Loan and Contingent Facilities.

PSS plans to raise bank loan consisted of up to US$10 million for short-term loan facility and up to US$2 million for contingent facility from Citibank N.A. Indonesia.

These loan facilities have no collateral; hence reflecting financial institution’s high level of trust and confidence on the Company’s business prospect.

PSS will use this loan for its short-term financing needs, as part of the Company’s continued fleet expansion plan.

On December 2018, PSS plans to add 1 unit of Tugboat and 1 unit of Handymax Class Mother Vessel, entirely funded by the Company’s internal cash. 

On the right track

With this additional fleet, PSS is on the right track to strengthen its positioning, aligned with the Company’s vision and mission of becoming the best logistics provider in Southeast Asia region.

PSS is targeting FY 2019 Revenue to grow between 25% to 30% with Core Net Profit Margin around 10% to 12%.

During 2018, thanks to the Company’s strong operation cash flow, PSS managed to distribute cash dividends two times namely Final FY 2017 Cash Dividend and Interim FY 2018 Cash Dividend; hence, PSS has distributed total cash dividends of about Rp50.3 billion or Rp10 per share.

Going forward, continued fleet expansion to serve larger customer base combined with operational excellence and healthy financial positions will put PSS on the right track to create higher added value to its shareholders.