MBSS raises Rp280 billion of fresh funds from IPO

Indonesia-listed top coal vessel provider PT Mitrabahtera Segara Sejati (MBSS) has raised fresh funds totaling Rp around Rp280 billion (US$ = Rp 8,651) during initial public offering (IPO) on Wednesday.

MBSS has floated 175 million new shares or about 10 percent of its total shares. The fresh funds will be used for the company?s plan to add its fleets and floating crane and capital expenditure.

The company is expected to spend $70 million in capital expenditure this year, which 30 percent of the funds derived from the IPO and the remaining 70% in bank loan. (denny)