Indo Straits to acquire Pelayaran Straits shares

PT Indo Straits Tbk, a marine engineering and logistic services company, is planning to buy out shares of shipping firm PT Pelayaran Straits Perdana (PSP), which owns tug boat and barge as a move to tap into growing demand for commodity transport vessels.

Pelayaran Straits is a company involves in shipping and will develop specialty vessels to transport mining products such as coal as the country?s coal production is predicted to continue to rise.

In a statement to the Indonesian Stock Exchange, the company said the acquisition will boost the company?s consolidated sales and net profit. In addition, Indo Straits, which listed its shares in the middle of this year, will focus on serving coal transportation through the firm.

He said Indo Straits still has the capacity to obtain financing from third party or internal sources to buy tug boat and barges through Pelayaran Straits. (romel)