Trada eyes rp 408b from IPO proceeds

The Jakarta Post , Jakarta | Thu, 07/24/2008 10:40 AM | Business

PT Trada Maritime is expecting to raise at least Rp 480 billion (US$52.1 million) from its plan to sell 45.81 percent of its shares through an initial public offering (IPO) in August.

The firm, which provides shipping and floating storage services to energy companies, will sell a total of four billion shares on the stock market with prices ranging between Rp 120 and Rp 130 per share. The book-building period for the IPO is scheduled for July 4-26.

The stocks will be listed on the Indonesian Stock Exchange on Aug. 12, said Antony Kristanto from PT HD Capital, which is arranging the sale along with PT Danatama Makmur.

Trada president director Darmansyah Tanamas said Wednesday the company would use 93 percent of the proceeds to procure three dry bulk carriers.

"The carriers will be mainly used to transport coal for our customers," he said.

The company and its nine subsidiaries currently own 33 vessels consisting of five floating storage off-loading facilities, three tankers for liquid cargo and 25 supporting vessels (tugs and barges).

"The remaining 7 percent or Rp 34 million will be used as the company's working capital," he said.

Darmansyah said the purchase of the carriers would lead to an additional Rp 208 billion in the company's full-year revenue, which is forecast to reach Rp 484 billion.

The revenue figure will represent growth of 16.7 percent from last year's revenue. The company is forecasting revenue of Rp 1.1 trillion in 2009. (ewd)

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