JAKARTA. PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI), a marine transportation service provider, announces the establishment of its latest joint venture (JV).

Wawan Heri Purnomo, Corporate Secretary of ELPI, confirmed that said JV has been established under the name PT Unggul Maritim Indonesia (UMI). This formation was carried out indirectly by ELPI through its subsidiary, PT Samudra Luas Sejahtera Abadi (SLSA).

In said JV, SLSA claims control over 55% of UMI’s shares. Another 22.5% of UMI belongs to PT Radeva Abbadi Makmur while the remaining 22.5% was owned by PT Rakindo Unitrust Mandiri.

“The establishment of UMI is a strategic measure by SLSA, a subsidiary of the company, to initiate a business expansion into tug and barge sector with operational focus on Java and Sumatra,” added Purnomo in the information disclosure in Indonesia Stock Exchange (IDX).

However, the amount of investment spent by SLSA in this JV formation is not publicly disclosed. However, as recorded by IDNFinancials, ELPI only recorded cash and cash equivalent of IDR 343.18 billion as of June 30, 2024. (KR/ZH)