JAKARTA - PT Trans Power Marine Tbk (TPMA) and PT Samudra Investama Maju (SIM) establish a joint venture in order to acquire 20 sets of tug and barge vessels, as well as 2 units of floating cranes, within the next three years.

Rudy Sutiono, Director of TPMA, mentioned that the company will control 51% of the shares, and SIM, 49%, of issued and paid-up capital of the joint venture.

“The company and SIM are not affiliated as stated in Act No.8/1995 concerning Stock Market and POJK No.42/POJK.04/2020 concerning Affiliate Transaction and Transaction with Conflict of Interest,” added Sutiono in the information disclosure quoted Monday (9/9).

The investment for said joint venture is said to reach IDR 20 billion, with TPMA covering IDR 10.2 billion, and SIM, IDR 9.8 billion.

according to Sutiono, the joint venture will be equipped with capital expenditure budget of USD 90 million in order to expand the fleet, including purchasing tug and barges, as well as floating cranes.

The fund source for the capex budget of the joint venture is said to come from internal cash of 20%, and the remaining 80% will come from loans from banks or financial institutions.

“The impact of this joint venture cooperation is to offer potential extra revenue and profit to the company as the direct controller of the joint venture,” Sutiono said. (LK/ZH)