SINGAPORE (Yosefardi) – Troubled shipping company PT Berlian Laju Tanker Tbk (BLTA) intends to convene an extraordinary general meeting of shareholders (EGMS) in November 2015 to seek approval of its Shareholders, among others, for the debt-to-equity swap and the strategic investment.
A successful EGMS will bring the Company one step closer towards the resumption of trading of its Shares by end December 2015.
After implementation of the PKPU Amendment Plan, the Company will be a largely debt-free business in Asia with net asset value (NAV) in excess of US$100 million. The amendment included full debt-for-equity swap of unsecured debt (approximately US$1.03 billion) for 48% of the enlarged share capital of PT Buana Listya Tama Tbk (BULL).
The Company has developed plans to recalibrate its business strategy and fleet composition to take advantage of increasing opportunities in the Indonesian cabotage market with its strong history as an international shipowner and operator, good relationship with the various oil majors and expertise in the chemical and gas industry.