Nov 18, 2010

Wintermar Offshore sets IPO at Rp380

PT Wintermar Offshore Marine has set its initial public offering (IPO) at Rp380 per share with foreign investors’ ownership portion reaching to 65%.
Managing Director of Wintermar Offshore Marine Sugiman Layanto said the numbers of shares to be disposed are 900 million shares or 25% of its ownership in accordance to the initial plans of the corporate action.
"The IPO Price at Rp380 and number of shares disposed remains 900 million," he said.
Besides disposing 900 million shares, Wintermar also plans to spend 90 million warrants. Referring to the price, Wintermar will obtains Rp342 billion fresh fund from the disposal of its shares to the public.
According to plan, the IPO proceeds will be used to finance the purchase of new ships, payment of its subsidiaries’ debt and strengthening its capital expenditure (capex).
Based on the company's initial prospectus, Rp245.56 billion of the proceeds will be used to finance the purchase of new ships and Rp53 billion used for debt payments.
As for the rest Rp43.43 billion will be used to strengthen the structure of capital expenditure for the company and its subsidiaries.
Wintermar estimates its capital expenditure next year will be in range of US$200 million with 70% to 80% still comes from bank loans. Sugiman asserted that a number of banks such as Bank OCBC, Bank CIMB Niaga, and Bank UOB Buana are committed to provide loans to the company.
This year, Wintermar’s capital expenditure allocation has reached US$70 million and spent US$60 million until quarter III/2010.
Disclosure: No position at the stock mentioned above.  

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