The debt for equity swap saw the holding of PT Humpuss reduced to 47.6% from 67.78%, the Jakarta Post reported.

HIT director Theo Lekatompessy said the company had now cleared its debt to Athens Fund SA.

A deal had previously been agreed to pay 95% of the sum through a transfer of assets owned by its Singapore subsidiary Humpuss Sea Transport, which filed for bankruptcy in 2012.

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