JAKARTA. PT Samudera Indonesia Tbk (SMDR) has distributed a capital injection of IDR 13.5 billion for one of its subsidiaries, namely PT Masaji Prayasa Cargo (MPC).

The capital injection was given simultaneously with the issuance of 13,500 new MPC shares. All of these new shares were subscribed by the company.

"The implementation of equity participation transactions is carried out based on market value which is determined by taking into account the assessment carried out by an independent appraiser," SMDR Management explained, in an official statement received by idnfinancials.com.

Meanwhile the Education and Welfare Foundation of PT PLN (Persero) (YPKPLN) as the holder of 6.25% of MPC shares, did not contribute additional capital.

This has diluted YPKPLN's shareholding in MPC to 4.68%, from the previous 6.25%. Meanwhile, SMDR's share ownership in MPC increased to 95.32%, from the previous 93.75%.

SMDR management said that the capital injection was expected to strengthen MPC's equity condition and financial position. "So that it is expected to increase MPC's chances of winning job tenders and strategic projects," wrote SMDR Management. (KR/LM)