JAKARTA – PT Buana Lintas Lautan Tbk (BULL) would issue 1.45 billion new Series B shares, taken from the company’s portfolio. Furthermore, the management plans to issue Series V Warrants of 4.35 billion shares.
Krisnanto Tedjaprawira, the Corporate Secretary of Buana Lintas Lautan, revealed that 60% of the funds gathered from this corporate action would be allocated to the working capital, while another 40% would be used in business expansion. “The presumed execution price for this rights issue is approximately IDR 400 each,” Tedaprawira continued in the information disclosure, quoted Thursday (3/6).
The collected funds are estimated to reach IDR 580 billion. If it is converted to US dollar, using Bank Indonesia’s currency in May 2021 of IDR 14,292 per USD, it would be approximately USD 40.58 million.
BULL projects growth in its cash by 67.55% to USD 39.83 million from USD 12.92 million, its total assets from USD 719.78 million to USD 762.91 million, and total equity from USD 332.54 million to USD 375.68 million. It also predicts a decline in its liability ratio from 116.44% to 103.07%.
By April 2021, BULL’s stock is reported to reach 12,915,656,544 shares. Credit Suisse AG owns 5.285% of them, PT Delta Royal 16,76%, PT Clipan Finance 5,765%, PT Solusi Karya 5,859%, and public investors (less than 5%) 66,083%. The remaining 0,248% belongs to the treasury stock. (LK/ZH)