JAKARTA (Yosefardi) – Shipping company PT Wintermar Offshore Marine Tbk (WINS) has issued 190 million shares to International Finance Corporation (IFC) as a conversion of convertible bond. The shares were converted at price of Rp492.1 per share.
IFC, subsidiary of World Bank, now holds 4.92% stake in WINS. IFC provided US$45 million loan to Wintermar in 2011 and provided convertible loan of US$10 million in 2012. WINS used IFC’s loan to buy 26 units of vessels in past three years.
WINS booked net profit of US$27.06 million in 2013, grew by 34% from US$20.20 million in 2012. While revenue jumped 50.44% to US$186.72 million from previous US$124.12 million. The company has booked contracts of US$111.2 million as of March 1, 2014.