TEMPO.CO, Jakarta - State port company Pelabuhan Indonesia (Pelindo) II plans to establish a new subsidiary in the second quarter this year. The new subsidiary is an investment company that will be tasked with managing the Pelindo's finances.
Pelindo II president director Elvyn G. Masassya on Sunday, February 12 said the new subsidiary will be named Pelabuhan Indonesia Investama (PII).
PII will seek funding sources to pay for Pelindo II's projects and consolidate the company's minority shares in other subsidiaries. Elvyn said PII will source funds by issuing debts and borrowing from investors.
According to Elvyn, Pelindo II will allocate an initial capital of Rp200 billion for PII. The new subsidiary is targeted to start operating in the second quarter and expected to manage trillions of funds to be distributed to Pelindo's dozens of subsidiaries.
Pelindo's managing director of subsidiaries Riri Syeried Jetta said the company hopes that PII can serve as a capital market for the port operator's subsidiaries.
"Additionally, we can pursue revenues via the investment company's management. That way, we get profits from left and right, everyone will evolve—the parent company, the subsidiaries, and the PII," Riri said.