Berlian to Issue US$368 Million
VIVAnews - PT Berlian Laju Tanker Tbk (BLTA) will issue mandatory exchangeable bond worth US$368 million due to the acquisition of a Norwegian shipping company Camillo Eitzen & Co ASA (CECO).
Berlian Laju Tanker Finance Director Kevin Wong said the acquisition of 42 million shares is set out at NOK25 per share (US$5.8 - 5.9).
"The minimum tender offer is 95 percent," he addressed reporters on Tuesday, Oct 13.
Kevin said after the bonds are exchanged with shares, Berlian Laju Tanker will own 58 percent of shares while CECO with 20 percent.
For the time being, the market value of Berlian Laju Tanker reaches US$520 million. The mandatory exchangeable bond issuance resulted in the rising in its value to US$888 million.
Of the US$368 million, around US$168 million will be used for acquiring CECO while the remaining US$200 million will be utilized for expanding its business.
"A standby buyer is prepared for the US$100 million while the rest will be offered through Plato Markets, which serves as the arranger," he said.
In the future, Berlian Tanker is also planning to list its shares in Oslo stock exchange, Norway.
Kevin went on by saying that should Berlian Tanker's share ownership reach 100 percent, CECO may delist from Oslo stock exchange.
Kevin said the company will still prepare fund to US$50 million to maintain its ownership in CECO due to a right issue worth US$200 million.
Up until 2012, Berlian Laju Tanker is targeting of having 200 ships.
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Translated by: Bonardo Maulana Wahono
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