IFC exercises convertible bond in Wintermar
Monday, April 14 2014 - 10:58 AM WIB
IDX-listed marine logistics service provider PT Wintermar Offshore Marine Tbk (WOM) announced Monday that IFC, a member of the World Bank Group focused on private sector development, has exercised their convertible loan and will become a shareholder of 4.92 percent of the issued capital of the firm with effect from April 14, 2014.
IFC has been the largest lender to WOM, having extended a US$45million straight loan in 2011 followed by a $10million convertible loan with exercise price of Rp 500 per share in 2012.
The firm said with IFC?s support, it has successfully delivered on our growth strategy to expand into higher value Offshore Support Vessels through the acquisition of larger and more technologically sophisticated vessels to serve the needs of the deepwater offshore oil and gas industry.
Over the past 3 years, WOM has taken delivery of 26 higher value vessels, while disposing of 16 older and lower value vessels, with higher value vessels now making up 60 percent of the fleet compared to only 32 percent in 2010.
?With IFC?s support, we have improved our corporate governance and environmental standards,? said Sugiman Layanto, Managing Director of WOM ?IFC?s ability to provide long tenures for our vessel loans has been a great advantage for us in executing our fleet expansion, especially in the recent years where there has been such growth in the demand for marine support for the deepwater drilling activities of the offshore oil and gas industry in Indonesia. We are grateful for our partnership and welcome IFC as a strategic shareholder.?
Sarvesh Suri, Indonesia Country Manager of IFC added, ?IFC is delighted to be a shareholder in Wintermar. The company provides world class marine logistics services for the domestic oil and gas industry, which is an important driver of Indonesia's economic development?.
Editing by Johannes Simbolon