PT Pelni Hospital, a subsidiary stated-owned cruise operator of PT Pelayaran Nasional Indonesia (PELNI), plans to raise fresh funds of Rp1 trillion (US$70.92 million) through the initial public offering (IPO) on the Indonesia Stock Exchange (IDX), Bisnis reported on Tuesday ( May 22).

President Director of Pelni Insan Purwarisya Tobing is expected to be executed the plan in the third quarter of 2018. The IPO’s plan, she said has pocketed permission from the Ministry of State Owned Enterprises (SOEs) and underway to pick the underwriter.

The funds obtained will be used to build a new PELNI Hospital to capture the increasing number of patients of Health & Social Security Agency served more than 2,000 patients per day. In addition, she added, the subsidiary will open new hospitals in Maluku and Sulawesi. The facility is estimated to have a capacity of 200 beds.

Beginning with the construction of 1918 by the Dutch-born architect Tulungagung, Frans Johan Louwrens Ghijsels, PELNI Hospital at which time it was named: KPM Ziekenhuis which specially operated to serve crew and family of a Dutch shipping company.

After Indonesia’s independence, KPM Ziekenhuis made changes along with nationalization of KPM assets into the Indonesian National Shipping, both in terms of name to PELNI Hospital, the addition of facilities, human resources and segments of patients served.