JAKARTA. PT Soechi Lines Tbk (SOCI), a sea transportation company under Soechi Group, has converted the debt of its subsidiary, PT Multi Ocean Shipyard (MOS), to equity.

Paula Merlina, Director and Corporate Secretary of SOCI, mentioned that MOS’s converted loan amounts to IDR 2.41 trillion. The conversion is carried out by MOS with debt-to-equity swap scheme.

After this debt conversion, SOCI’s total shares in MOS rise to 3.25 million from the initial 839.97 thousand shares. Meanwhile, its percentage remains the same at 99.9991%.

“The operational activities of the company remain sustained and stable, and through this extra capital investment in MOS, it is expected to further smooth out operational activities,” said Merlina in the official statement.

According to IDNFinancials data, SOCI recorded total assets of US 611.46 million as of September 30, 2023. Then, the total equity of the company was seen at USD 381.9 million. (KR/ZH)