Shipping operator PT Buana Listya Tama is keen to hold an initial public offering (IPO) of 39.76% stake or 7.26 billion share scheduled on May 19 2011.
The company, a wholly owned subsidiary of PT Berlian Laju Tanker Tbk, will use 52% of the IPO proceed to expand its business. The company also plans to utilize 38.7% of the ipo to settle its debt to Bank Mandiri, Bank UOB Buana, Bank Mega, and Bank BNI.
Buana Tama will use the remaining proceed as working capital. The company recorded a net income of Rp6.62 billion net income last year, a reversal from a net loss of Rp214.24 billion in the previous year.
Buana Tama booked a 128.9% jump in revenue last year to Rp566.99 billion.
Buana Tama has picked Danatama Makmur and JP Morgan Securities as the IPO underwritters.
Disclosure: No position at the stock mentioned above.
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