JAKARTA. PT GTS Internasional Tbk (GTSI), the freshly debuted issuer on Indonesia Stock Exchange (IDX) last Q4, had reportedly converted its subsidiary’s debts, PT Anoa Sulawesi Regas (ANOA), to additional capital.

ANOA’s debts that have been converted to extra capital amount to IDR 35.74 billion. This debt conversion also aligns well with the plan of the utilisation of its initial public offering (IPO) proceeds, which states that 16% of the proceeds will be used as capital investment in ANOA.

With this debt conversion, GTSI now controls 95.35% of ANOA’s shares. Then, PT Humpuss Transportasi Kimia secured another 4.19%, followed by PT OTS Internasional of 0.46%.

“There are no direct impact on the operational activities, legal aspect, and financial condition, as well as the business continuity of the company, as this transaction is included in the plan of the utilisation of IPO proceeds,” Tammy Meidharma, President Director of GTSI, explained.

According to IDNFinancials data, GTSI was built on 1986 under the title PT Humpuss Intermoda Transportasi, a shipping company and a partner of Mitsui O.S.K. Lines Ltd. In 2013, GTSI decided to initiate a spin-off or business unit separation to focus more on the LNG (Liquefied Natural Gas) transportation business. (KR/ZH)