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Berlian Laju Tanker hopes for stock trading to resume in Q3
Oil and gas shipping company PT Berlian Laju Tanker (BLT) is hoping that the Indonesia Stock Exchange (IDX) will soon allow for the company’s shares to be traded again.
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A flag of oil and gas shipping company PT Berlian Laju Tanker (BLT) is displayed in a meeting room in this undated picture. (kontan.co.id/Baihaki)
Oil and gas shipping company PT Berlian Laju Tanker (BLT) is hoping that the Indonesia Stock Exchange (IDX) will soon allow for the company’s shares to be traded again.
Trading in the stock has been suspended since 2012 following the company's failure to meet debt obligations.
The company says it has concluded its debt restructuring in 2015 through debt-to-equity swaps.
BLT director Anthony Budiawan said the board of directors had so far failed to have a face-to-face meeting with IDX representatives, for some reason.
"Still, we don't understand why it is necessary to attend such a meeting, as we have been responsible in solving what caused the suspension of our stocks," Anthony told the press on Friday.
The company had scheduled a meeting with the IDX for the next two weeks, he added.
"We really hope everything goes as expected [...], so trading in our shares can resume in the third quarter of this year, at the latest."
The stock freeze had sent BLT into a financial predicament, as it was no longer able to get capital from the stock market, nor money from lenders.
However, the firm slowly got back on its feet using its own cash. In the third quarter of 2017, BLT booked US$3.14 million in profit, a huge improvement compared to the same period the previous year, when it recorded a $2.92 million net loss. (bbn)
