Two shipping firms to go public

Privately owned shipping companies PT Pelayaran Nasional Bina Buana Raya and PT Pelayaran Nelly Dwi Putri will list their shares at the Indonesia Stock Exchange through an IPO as part of their fund-raising efforts to expand.

Pelayaran Nelly Dwi Putri will release about 14.89 percent of its enlarged capital. The share sale will start from October 2 to October 4, with the share listing scheduled on October 9, according to PT Lautandhana Securindo, which manages the firm?s IPO.

Pelayaran Bina Buana Raya meanwhile plans to list 20 percent of its stake. ?We will hold road shows [for the IPO] in Malaysia and Singapore and perhaps in Hong Kong,? Director Lie Ly said as reported by The Jakarta Post, adding that her company would use the funds raised from the IPO for expansion and loan refinancing.

Bina Buana Raya is currently 49 percent owned by Singapore-listed Marco Polo Marine Ltd and has appointed PT OSK Nusadana Securities and PT Dinamika Usaha Jaya as underwriters for the IPO.

According to Lie Ly, Bina Buana Raya now has 35 vessels to support two business divisions: the tugs and barges division, which transports commodities including coal, steel scarp and iron ore, and the offshore marine division, which represents the company?s efforts to meet growing demand from oil and gas transportation.(*)