JAKARTA. PT IMC Pelita Logistik Tbk (PSSI), formerly known as Pelita Samudera Shipping, has recently formed a new subsidiary called PT Pelita Samudera Sreeya (PSS).

Mega Vieri, Corporate Secretary of PSSI, said that this new entity was established on April 10, 2023. PSS then obtained the authorisation from the Ministry of Law and Human Rights on April 11, 2023

For the latest establishment of this subsidiary, PSSI covered 99% of the total issued and paid-up capital of PSS. The remaining 1% belong to PT Permata Bahari Shipping (PBS).

Vieri then mentioned that PSS is intended to carry out the sea transportation service within domestic and international waters. “The subsidiary formation is a form of support for the company’s core business, which is then expected to return higher operating revenue for PSSI,” Vieri added.

The amount of investment put in by PSSI for PSS establishment is not publicly disclosed. However, according to IDNFinancials data, the company still recorded USD 30.53 million of cash and cash equivalent in possession until December 31, 2022. Furthermore, its total assets clocked up to USD 179.35 million. (KR/ZH)