Apr 7, 2011

Mitrabahtera seals US$49 mio loan

Coal tug boat and barge operator PT Mitrabahtera Segara Sejati Tbk (MBSS) secured US$49 million loan or nearly IDR423.97 billion from local and foreign banks merely to raise the capital for purchasing 15 tug boats and 15 barges this year.
The company that has just listed its stocks in Indonesia Stock Exchange today shall utilize the IPO proceed to purchase those fleets.
“This year, our capital expenditure reaches US$70 million where 70% is derived from the bank loan and the remaining 30% is generated from IPO,” said MBSSs Director of Corporate Planning,Ika Bestari today.
In the meantime, the company’s net income this year is estimated to reach US$38 million or around IDR328 billion or soared by 65% compared to IDR198 billion in 2009.
In 2012, as Ika added, the company has allocated US$50 million capital expenditure to purchase the similar fleet at the same amount as this year.
“For 2011 capital expenditure, 70% is derived from bank loan. We are optimistic that the coal shipping market will be prospective from year to year,” he said.
The MBSS-coded stock was traded at IDR1,600 as it once soared by 11.25% in the opening sessionto IDR1,790.

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Disclosure: No position at the stock mentioned above.

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