The shares would be offered at Rp155 each, PT Buana Listya Tama Tbk President Director Henrianto Kuswendi said on Monday.
Proceeds from the issuance of the shares would also be used to repay debts and strengthen capital, he said.
The plan to issue 6.65 billion shares had been adjusted to the company`s funding needs, he said adding 38 percent of the shares would be offered to foreign investors and 62 percent to domestic investors.
The company recently secured a number of new short-term contracts.
"We are optimistic that BULL will be able to improve its performance this year and upcoming years," he said.
BULL currently leads the market for national energy logistic services particularly oil and gas production services, he said.
The government`s decision to raise the target of oil and gas production coupled with good prospects of the Indonesian economy would make the market for national energy logistic services increasingly attractive, he said.
BULL has appointed PT Danatama Makmur as a share issue underwriter with JP Morgan, BNP Paribas, and Standard Chartered as sales agents.
(Uu.S012/HAJM/H-YH)
Editor: Priyambodo RH
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