JAKARTA. PT Destinasi Tirta Nusantara Tbk (PDES), a tour and travel agent under Panorama Group, has swapped debts of one of its subsidiaries, PT Graha Destinasi, to equity.

Total debts of Graha Destinasi converted to shares clock up to IDR 50 billion. For the record, prior to this, PDES had recorded a portion in Graha Destinasi, equal to 90% with total value of IDR 3 billion.

“Therefore, after this transaction, PDES’s ownership over PT Graha Destinasi will rise to IDR 53 billion,” added Sylvia Rafael, Corporate Secretary of PDES, in the official statant.

Rafael further mentioned that the debt-to-equity conversion is a part of business strategy. “It is expected to generate positive impact on the company,” she added.

According to IDNFinancials data, PDES recorded cash and cash equivalent of IDR 48.70 billion as of March 31, 2024. Meanwhile, its total assets were reported at IDR 284.03 billion, with total equity of IDR 78.59 billion. (KR/ZH)