Wintermar to hold rights issue

JAKARTA: Shipping company PT Wintermar Offshore Marine is planning to offer new shares to raise funds for business expansion.

Wintermar will issue 340 million new shares, or about 9.56 percent of its enlarged capital, through a non-preemptive rights issuance, according to the company announcement published on Monday. The new shares will consist of 150 million common shares to be offered at Rp 461 apiece and 190 million convertible bond to be offered at Rp 500 apiece. The company will raise Rp 65.15 billion (US$6.91 million) from the issuance of new common shares and Rp 95 billion from the issuance of convertible bonds.

Wintermar said that it would use the funds to purchase new vessels. The company will hold an extraordinary general meeting of shareholders on June 26 to seek approval for the rights issue plan.