JAKARTA. PT Armada Berjaya Trans Tbk (JAYA), a transportation company owned by PT Prima Globalindo Logistik Tbk (PPGL), has carried out the debt conversion provided to PT Aman Bae Sentosa (ABS).

Darmawan Suryadi SM, President Director of JAYA, said that the amount of ABS's debt converted into shares was IDR 13.75 billion. However, this conversion does not change the portion of the company's shareholding in ABS, because previously the company controlled 99.99% of ABS shares.

"With this affiliated transaction, it is hoped that ABS as a subsidiary of the company can maximize its business performance," said Suryadi, through an official statement.

After the share conversion, the total issued and paid-up capital of ABS increased to IDR 24.99 billion. Previously, the issued and paid-up capital of ABS was only IDR 11.24 billion.

According to idnfinancials.com data, ABS is a business entity founded by JAYA in 2021 and runs the real estate business. ABS' total assets before elimination were recorded at IDR 31.89 billion as of March 31 2023. (KR/LM)