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Jakarta Post

Shipping companies seek public funding to finance expansion

  • Riska Rahman

    The Jakarta Post

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Jakarta   /   Mon, April 8, 2019   /  01:57 pm
The Jakarta Post Image
Brokers monitor the trading of bonds and other debt papers at the Bank Rakyat Indonesia Treasury building in Jakarta. (kompas.com/Hendra A Setyawan )

Riska Rahman The Jakarta Post/Jakarta Publicly listed shipping companies are seeking extra funding through the issuance of bonds and other capital market instruments to finance their business expansion projects. Shipping companies PT Buana Lintas Lautan and PT Humpuss Intermoda Transportasi have each secured approval from their respective shareholders to issue right shares and bonds to raise additional funds for financing their expansion projects this year. During a general shareholders meeting on Thursday, Buana Lintas Lautan’s shareholders approved the company’s plan to issue right shares to raise fresh funds for an expansion. Commercial director Henrianto Kuswendi said the company planned to issue 3.4 billion new shares, which will account for 31.78 percent of its enlarged shares. “We expect to rake in Rp 935 billion [US$66.12 million] from the rights ...