Berlian Laju files Singapore IPO
Indonesia’s largest liquid bulk operator, Berlian Laju Tanker expects to raise S$218M ($138M) from an Initial Public Offer in the Singapore Exchange. In a prospectus filed with the Monetary Authority of Singapore yesterday, BLT, which is already listed in the Jakarta and Surabaya exchanges in Indonesia, said that a total of 576M shares will be sold of which 28M shares will be allotted to the public. The company has reserved the option to issue 113M more shares. The shares are priced at S$0.40 per share. The cut off time and date for the offer is 6 a.m. on 23 October. BLT is has a presence in Asia, the Middle East and Europe trades. The company’s fleet of 57 includes 35 chemical tankers, 17 oil tankers and five gas carriers and 13 newbuilds are scheduled to be delivered over the next three years. Profit for the six months ending 30 June, 2006 was $56M on an operating turnover of $157.8M. More than 80% of the turnover was derived from spot market activities. Part of the proceeds would be used to pay any amounts outstanding under a $50M credit facility.
