JAKARTA. PT Trans Power Marine Tbk (TPMA) has acquired 65% shares of PT Bahtera Energi Samudra Tuah (BEST), a sea transportation company which still has an affiliate relationship.

All BEST shares acquired by TPMA were previously owned by PT Patin Resources (PR). For the record, PR is the entity that owns the company's shares directly (9.01%) and indirectly through PT Dwitunggal Perkasa Mandiri (52.04%).

"The transaction value of the BEST acquisition is US$32.5 million or equivalent to IDR 510.25 billion," wrote TPMA Management in its official statement.

TPMA management added that the acquisition of BEST shares was carried out to support the company's business growth and competitiveness in the future. Previously, TPMA only relied on its own assets to drive its business growth.

"By carrying out acquisitions, the company can accumulate new assets so that the business can develop and it is estimated that the market share will become wider/larger," explained TPMA Management.

According to idnfinancials.com data, TPMA had total assets of US$121.53 million as of March 31, 2024, with cash and cash equivalents of US$19.33 million. Meanwhile, the company's total equity was recorded at US$98.23 million. (KR/LM)