PT Ifishdeco Tbk (IFSH), a nickel mining issuer, has signed the joint agreement to convert some of its subsidiary’s debts to extra capital. Leman Suti, Director of IFSH, revealed that the subsidiary whose debts are converted to additional capital is PT Patrindo Jaya Makmur (PJM). The amount of debts of PJM that are converted to extra capital reaches IDR 57.6 billion.

“It is a way to cut off financial expenses in the financial report of the company and its subsidiary given the subsidiary in question has negative working capital and equity,” Suti mentioned in the official statement earlier today (17/3).

After converting some of the debts, the total IFSH’s portion in PJM will rise to 117,000 units from the initial 1,800 shares. Meanwhile, the company’s stock portion in PJM will remain stable at 90%.

According to IDNFinancials data, until December 31, 2022, IFSH recorded cash and cash equivalent of IDR 97.28 billion. Its total assets and equity were also reported at IDR 1.09 trillion and IDR 777.99 billion. 

Source: https://www.idnfinancials.com/news/46358/ifishdeco-convert-subsidiary-debts-capital