JAKARTA. PT PP Persero Tbk (PTPP) has converted debts of PT PP Sinergi Banjaratma (PPSB) to equity, also known as debt-to-equity swap.

The amount of PPSB’s debts converted to equity is IDR 98.58 billion. After this debt-to-equity swap, PTPP’s portion in PPSB now rises to 79.04%. Prior to this, it only owned 32.5% of PPSB.

Bakhtiyar Efendi, Corporate Secretary of PTPP, said that this debt conversion is intended so that the company steps in as the controlling shareholder of PPSB. “As the controlling shareholder, the company gains majority control to deliver faster strategic decision-making process,” he explained in information disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, PPSB is a joint venture established by PTPP alongside several affiliates, including PT Waskita Karya (Persero) Tbk (WSKT), PT RNI, PT Perkebunan Nusantara IX, PT PP Properti Tbk (PPRO), and PT Jasa Marga Properti.

PPSB is formed as a joint venture designed to develop the rest area of Pejagen-Pemalang Toll Road. As of June 30, 2023, PPSB recorded total assets before elimination of IDR 17.29 billion. (KR/ZH)