Capitol Nusantara to buy $6m AHTS

Indonesian shipping company Capitol Nusantara Indonesia plans to buy a new anchor handing tug supply vessel (AHTS) this year to help with its operational activities, reports said on Friday.

The company will finance the vessel, which cost around US$6 million, with proceeds from its recent Initial Public offering, The Jakarta Globe and Investor Daily said. The Samarinda, East Kalimantan-based company raised Rp 41.7 billion ($3.46 million) from the sale of 25 percent shares early this month.

Capitol executive Yanuar C. Wijaya, speaking at the firm?s trading debut on the Indonesia Stock Exchange (IDX) in Jakarta on Thursday, said the company is seeking bank loans to help finance the purchase of the vessel, is expected to arrive in June.

?For the boat, we will also get bank loans. We usually borrow from Bank Mandiri,?Yanuar said, without providing further details.

Capitol has future plans to purchase supporting boats for offshore operations, marketing optimization and expansion to Malaysia, Brunei, the Philippines and East Timor.

Capitol, which currently owns a total of 60 vessels, is a joint venture between Cipta Nusantara Abadi, which is in turn controlled by Singapore-listed ASL Marine Holdings, and Anugrah Semesta Langgeng which is based in Samarinda.(*)