JAKARTA: PT Humpuss Intermoda Transportasi Tbk cannot pay its unit, Humpus Sea Transportation Pte Ltd, compensation and rent claims amounted to US$72 million.
Following its cash and other financing alternatives, the HITS-coded company can only settle for US$50 million within 15 years.
Such numbers were obtained by considering the decision of the general meeting of shareholders on Thursday (9/13/2012), requesting payment of compensation should not burden the company’s operations.
The compensation claims started in 2004 when HIT decided to expand bulk and chemical carrier business through its Singapore-based unit Humpuss Sea Transport Pte Ltd (HST).
HIT will soon negotiate with the plaintiffs, represented by Borelli Walsh, a financial consultant in Singapore, to cut the settlement figure, said HIT’s President Director Theo Lekatompessy.
From the total US$72 million, the original debt is actually only around US$10.5 million. While the rest is immaterial compensation due to unfinished lease contract.
Plaintiffs demand HIT to settle the debt within 1 year divided into 5 payment stages.
Based on Helios Capital, an independent financial institution, HIT may only pay as much as US$34 million by using internal cash.
In addition to internal cash, explained Theo, the company has been considering five financing alternatives, such as rights issue, sale of treasury stock, bank loans, convertible bonds, and sale of company assets or subsidiaries.
However, of the five alternatives, only two of which seem to be realized, namely the sale of assets and treasury stock.
“We might sell Asta Samudera’s ship worth US$8.5 million. as for treasury stock, we have 35 million shares or around 6.3% worth IDR71.12 billion or US$7.5 million.” (T05/TW)