Batulicin Nusantara to use 45% of IPO proceeds as working capital
JAKARTA - PT Batulicin Nusantara Maritim Tbk (BESS) has officially listed its shares on the Indonesia Stock Exchange today (9/3). Throughout its initial public offering (IPO) last week (3/3), the company issued 700 million shares with an offering price of Rp 105 per share.
According to a press release, the company raised fresh funds of Rp 73.50 billion from its IPO. 45.15% of the funds will be used as working capital, 39.50% to repay debts, and 15.35% to purchase and rejuvenate vessels.
Currently BESS operates 15 tugboats and barges as well as one landing craft tank with an average fleet age of under three years. (LK/MS)