JAKARTA (Yosefardi) – Shipping firm PT Pelayaran Nasional Bina Buana Raya Tbk (BBRM) has last month purchased 5 new vessels from Nam Cheong International Ltd. BBRM has paid downpayment of US$12.75 million, equivalent Rp160.55 billion for the transaction.
The transaction is funded by proceeds of BBRM rights issue. In November 2014, BBRM raised Rp368 billion through issuing 1.61 billion new shares, priced at Rp230 per share. After rigths issue, Nam Cheong holds 29.81% stake in BBRM. Marco Polo Shipyard is also affiliated to PT Marco Polo Indonesia which holds 34.8% stake in BBRM.
BBRM booked net profit of US$39,817 in 2014, dropped by 99% from 2013 and revenue declined 8.94% to US$33.94 million from previous US$37.28 million.