PT Berlian Laju Tanker Tbk intends to have rights issue worth US$200 million through private placement in participating in the capital rise in the Eitzen Chemical ASA (Echem) through pro rate stocks of Camillo Eitzen & Co ASA (Ceco). The rights issue plan follows up the cancellation of convertible bond issuance.
Finance director of Berlian Tanker Kevin Wong said for the rights issue, the company has got commitment from major shareholder, PT Tunggaladhi Baskara, major shareholder of Ceco or one of international banks. The shareholders and investors here will later own 20-25 percent stocks of Berlian Tanker.
The generated proceeds of the rights issue worth US$70-75 million will be used for the capital injection to Ceco to increase the liquidity and US$125 -130 million to develop business by acquiring new and used ship.
"But the corporate action here should get approval from the Ceco and Echem creditor bank syndication to change the corporate debt conditions. It includes the financial limitation and debt cut extension period," he said yesterday.
Finance director of Berlian Tanker Kevin Wong said for the rights issue, the company has got commitment from major shareholder, PT Tunggaladhi Baskara, major shareholder of Ceco or one of international banks. The shareholders and investors here will later own 20-25 percent stocks of Berlian Tanker.
The generated proceeds of the rights issue worth US$70-75 million will be used for the capital injection to Ceco to increase the liquidity and US$125 -130 million to develop business by acquiring new and used ship.
"But the corporate action here should get approval from the Ceco and Echem creditor bank syndication to change the corporate debt conditions. It includes the financial limitation and debt cut extension period," he said yesterday.
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