Shipping firm PT Pelita Samudera Shipping (PSSI) listed on Tuesday its shares on the Indonesia Stock Exchange (IDX) after obtaining Rp 135.8 billion (US$10 million) from an initial public offering (IPO).
PSSI president director Alex Iriawan Ibarat said 60 percent of the IPO proceeds would be used to purchase new ships, 20 percent would be used for capital expenditure and the remaining 20 percent would be used to pay debts.
He said his company would invest US$8 million in tugboats, barges, a floating loading facility and the expansion of its mother vessel and tanker ships in the first quarter of 2018.
In addition to its coal shipping business, PSSI also planned to diversify its freight business and transport palm oil, he added.
PSSI currently owns 33 ships that have operated for eight to nine years.