Trada Maritime offers stake

Wed, 09/03/2008 10:48 AM | Business

(JP/Ricky Yudhistira)

Shipping company PT Trada Maritime kicked off Tuesday an initial public offering (IPO), with the expectation of raising around Rp 500 billion (US$54.5 million) in proceeds.

In its statement, the company is offering 45.81 percent of its shares totaling some four billion shares at a price of Rp 125 per share. The offering will run until Sept. 4.

The company has appointed PT HD Capital and PT Danatama Makmur as the underwriters for the sales.

Proceeds from the IPO will be used to help finance the purchase of three dry bulk vessels with a capacity of between 75,000 and 86,000 deadweight tons (DWT). The vessels will be allocated to transport coal.

While the vessels will cost a total of around $160 million, Trada will at the same time seek financing from local banks.

Trada shares are scheduled to be listed on the Indonesia Stock Exchange on Sept. 10.

With assets worth Rp 638 billion, the company posted sales of Rp 219.66 billion last year, up from Rp 188.3 billion a year earlier, while net profit soared to Rp 37.10 billion from Rp 33.94 billion.

During the first quarter of the year, Trada recorded sales of Rp 68.2 billion and net profits of Rp 27.8 billion.

Key shareholders of Trada Maritime are PT Trada Resources Indonesia which owns 66.6 percent and PT Trada International with 33.4 percent. Publicly listed oil and gas company PT Medco Energi International has a 28 percent stake in Trada International. -- JP

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