Pelita Samudera set to launch IPO

Petromindo|Khalsa

Shipping company PT Pelita Samudera Shipping, which among others operates oil tankers and coal barges, is set to soon launch an initial public offering (IPO).

The company said in a filing with the Indonesia Securities Central Custodian (KSEI) that it has set the IPO price at Rp 135 per share, with a target of raising around Rp 136.35 billion in proceeds by selling 20 percent of its shares to the public.

The company said it would use about 60 percent of the proceeds to help finance the acquisition of a mother vessel worth US$800 million. The company in October signed a MoU with Creativity Navigation Co Ltd for the purchase of the vessel.

Another 20 percent of the proceeds will be used to help repay part of its debts to UOB Bank Singapore worth $2 million. The remainder will be used to help finance working capital. (*)