PT Buana Listya Tama Tbk. (BULL) is a company operating in the ship transportation service and is the subsidiary of PT Berlian Maju Tanker (BLTA).
On its first day trading BULL shares were opened up Rp15 per share or 9.67 percent to Rp170 from the initial offering price of Rp155 per share.
The company`s president director, Henrianto Kuswendi, said the company`s fundamental business would be positive in the future in line with the full implementation of cabotage principles and the increased target of oil and gas production in Indonesia.
He said he believed BULL shares would become one of the investment choices for investors at BEI.
"With the fundamental business that we have we believed our shares would be accepted well by the market. Moreover following the decision to include BULL shares into the shariah shares by the Financial and Capital Market Supervisory Agency (Bapapemi-LK) which will expand market acceptance to BULL shares," he said.
PT Buana Listya was the seventh issuers listing its primary shares at BEI this year. The proceeds from the initial public offering were recorded at Rp1.03 trillion from 6.65 shares offered at Rp155 per share.
Hendrianto said the company had also offered warrants totalling 3.32 billion with a ratio of two shares for a warrant. The price of of a warrant is Rp170.
He said the warrants were listed on Monday. The warrant trading would be held from May 23 to May 16 at regular and negotiation markets. The warrants will be matured on May 22 in 2014.
"From the execution of the warrants we would raise additional funds of around US$66 million," he said.
The company meanwhile has appointed PT Danatama Makmur as its underwriter.
The shares of PT Buana Listya Tama Tbk. after official public offering and conversion of Series I warants are among others PT Berlian Maju Tanker Tbk. (BLTA) totaling 10.999 billion shares or 52.44 percent, PT Banyu Laju Shipping 502,855 shares or 0.0002 percent and the public 9.975 billion shares or 47.55 percent.
On the occasion BULL finance director, Kevin Wong said at the initial public offering of PT Buana Listya Tama Tbk. shares foreign investors had bought 38 to 39 percent of the total shares sold.
He said of the Rp1.03 trillion or US$120 million proceeds from the IPO, US$75 million would be used to pay the company`s debt and the rest of it for developing its business especially in the floating production storage offloading (FPSO), floating storage offloading (FSO) and other energy logistics sector.
"The IPO funds will be used for developing the business and the development of FPSO, FSO and other logistics businessmen segment," he said.
(Uu.H-YH/HAJM/O001)
Editor: Priyambodo RH
Copyright © ANTARA 2011
