JAKARTA. PT Lautan Luas Tbk (LTLS), a chemical distributor that has been operating since 1951, has provided a capital injection of IDR 5 billion to one of its subsidiaries, namely PT Lautan Solusi Airindo (LSA).

Keyne Fredella Kristanto, Corporate Secretary of LTLS, said the capital injection was given simultaneously with an increase in the authorized and paid-up capital of LSA. In the disclosure of information on the Indonesia Stock Exchange (IDX), Kristanto said that the company's authorized and paid-up capital had been increased to IDR 17 billion, from IDR 12 billion previously.

In the increase in capital, all of it was taken part by LTLS as the controlling shareholder of LSA. So that the company's total shares in LSA have now increased to 16,920 shares, from previously 11,920 shares.

"This Capital Increase is classified as an affiliated transaction because PT Lautan Solusi Airindo is a subsidiary of the Company where the Company has more than 99% shares in it," said Kristanto.

As of March 31, 2023, LSA had total assets before elimination of IDR 4.25 billion. LSA started operating commercially in 2019, by running a trading business line. (KR/LM)