JAKARTA (Indonesia Today) – Shipping company PT Pelayaran Nasional Bina Buana Raya plans to offer 20-30% stake through the initial public offering (IPO) scheduled in December.
Bina Buana focuses on transporting gas, oil and coal.
Lie Ly, director of Bina Buana, said in mini expose on Friday (Sept 14) that the company had appointed PT OSK Nusadana Securities and PT Dinamika Usaha Jaya as underwriters for the IPO.
He said the IPO proceeds will be used for funding expansion and refinancing debt.
Bina Buana, 49% stake held by Marco Polo Shipping Co. Pte Ltd, currently has 35 units of tugboat and barges operating in domestic water area.
The company booked net profit of US$4 million in the first half of 2012.