Soechi Lines seek fresh loans after lackluster IPO

IDX-listed shipping company PT Soechi Lines Tbk plans to seek new bank loans estimated at US$50-60 million to help finance capital expenditure plans as it only managed to raise Rp 582.45 billion in proceeds from a recent initial public offering (IPO), much less than the maximum target of Rp 2 trillion, Kontan reported on Thursday.

The paper quoted Soechi Finance Director Paula Marlina as saying that capital expenditure for next year is projected to reach $80-90 million, the bulk of which would be used to finance the acquisition of new vessels. She added that the company was also considering issuing bonds.

Soechi Lines? fleet currently comprises of 33 vessels including oil tankers, gas carriers, and floating, production, and storage vessels. (*)