JAKARTA – PT Pelayaran Nasional Bina Buana Raya Tbk (BBRM) would issue 4,901,929,639 Series B shares with the execution price of IDR 50 each via a rights issue. It would take place from December 22 to 27, 2021. At the end of this corporate action, BBRM would potentially gain IDR 245.09 billion.
In the short prospectus quoted Friday (19/11), PT Marco Polo Indonesia (MPI) would step forward as the standby buyer for the unclaimed shares during this upcoming event. Additionally, Nam Cheng Pioneer Sdn Bhd and PT Sinar Bintang Makmur (SBM), two BBRM shareholders, transferred their rights to MPI.
Furthermore, 82% of this corporate action proceeds would be utilised to convert BBRM’s debts to MPI of USD 14 million, which was spent on purchasing two vessels from Marco Polo Offshore (VI). Then, another 9% would be to acquire one unit of MP Endurance vessel from Marco Polo Offshore Pte Ltd for USD 1.5 million. The rest of the proceeds would be channelled into the working capital, covering licenses and ship maintenance.
Currently, BBRM’s authorised capital (Series A) amounts to IDR 700 billion. Its issued and paid-up capital equals IDR 536.70 billion, while the stock in its portfolio is worth IDR 163.29 billion. The shareholders consist of MPI 34.80%, Nam Cheong 29.81%, SBM 17.76%, Latip 0.34%, and the public 17.28%.
Assuming that MPI, as the standby buyer, would claim all the isued shares, BBRM’s authorised capital would rise to IDR 2 trillion, comprising Series A of IDR 700 billion and Series B of IDR 1.3 trillion. Then, the issued and paid-up capital would increase to IDR 781.80 billion. Lastly, the Series A shares in its portolio stock would equal IDR 163.29 billion, while the Series B would increase to IDR 1.05 trillion. (LK/ZH)