Jan 25, 2011

Buana Listya Tama to hold 40% IPO

Very large carrier operator PT Buana Listya Tama, wholly owned subsidiary of PT Berlian Laju Tanker Tbk (BLTA), will dispose up to 40% stake during initial public offering (IPO) scheduled in April this year.
The company expects to grab US$150 million proceed from the IPO.
A source close to the deal said Buana Listya Tama may mandate Danatama Makmur, J.P.Morgan Securities, Deutsche Bank, and Standard Chartered Securities.
Kevin Wong, Berlian Tanker's CFO, declined to explain about Buana Tama IPO. "We can't talk about our plans. We will explain when we are allowed," he told Insider Stories yesterday.
PT Pelayaran Tonasa Lines is also expected to hold IPO soon.
Sattar Taba, President Director of PT Semen Tonasa, the IPO of Tonasa Lines, affiliated company of Semen Tonasa, wholly owned subsidiary of PT Semen Gresik Tbk (SMGR), may improve efficiency.
"Tonasa Lines may soon go public. We need to put down the cost," he said without saying a certain time table as quoted by a local media.

Disclosure: No position at the stock mentioned above.

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