Buana Lintas Lautan to launch private placement with 35% profit growth target
JAKARTA. PT Buana Lintas Lautan Tbk (BULL) plans to launch a private placement this year with 10% of its placed and paid-up capital.
According to BULL President Director Kevin Wong, the company seeks to obtain Rp 425 billion through the private placement. In the corporate action, the company will issue 1,185,122,633 shares or 10% of its placed and paid-up capital.
BULL's management will seek shareholders' approval for the corporate action plan at an EGM on 15 October 2020. However, Mr Wong did not disclose the names of investors who will purchase the newly-issued shares.
Mr Wong said that BULL has attractive prospects due to current international regulations that benefit its shipping services business. He is also optimistic that the company can make the most of the opportunities. "My target is that our net profit will grow at least 35% this year," he said as quoted from Kontan.co.id. (AM/MS)