JAKARTA - PT Steadfast Marine Tbk (KPAL) is planning to launch a rights issue in the second quarter of 2020. Proceeds from the corporate action will be used as working capital for shipbuilding works.
According to KPAL's stock exchange filing, the corporate action plan will include the company's financial statements as of December 31, 2019. In addition, the company is currently studying its share movement to set an implementation price in the rights issue, which will take place as late as 24 months after the Financial Services Authority (OJK) gives its approval.
In 2020 the KPAL is targeting to post revenue higher than this year's realisation of Rp 20 billion. In addition, three LPG carriers will also dock in due time. (LK/MS)