Wintermar to sell 20% of shares to public

JAKARTA: Wintermar, a company which focuses on marine vessels, expects to sell about 25 percent of its shares to the public during an initial public offering (IPO) which will be held in November, this year, a stock exchange official said.

“We received the registry documents last week. It plans to launch the initial listing at the end of November,” Indonesia Stock Exchange (IDX) director for corporate listings Eddy Sugito said in Jakarta on Monday.

CIMB Securities and Bahana Securities have been appointed as underwriters.

Wintermar, which was established in September 1970, currently owns 60 vessels, including tugboats, oil barges, aluminium crew boats, fast utility vessels, anchor handlers and oil tankers. — JP