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PT Trada Maritime Tbk Listed On The Indonesia Stock Exchange

 

JAKARTA, September 10, 2008 – PT Trada Maritime Tbk (TM), which offers complete offshore services in the energy and mineral resources sector, today lists its shares on the Indonesian Stock Exchange (ISX).

TM has released around 8,7 billion shares consisting of 4,7 billion Founding Shares and 4 billion common shares through its public offering, or around 45,81% of the Company’s total shares.

The company has acquired Rp 500 billion of funds with an offering price of Rp 125 per share.

The company also offer Series I Warrants as an incentive for new shareholders that are listed in the Public Offering Allocation List compiled by the Underwriters. Shareholders of four (4) new shares of the company will receive one (1) series I warrant, which entitles them to purchase one (1) new shares of the company to be released in portepel. The warrants are valid for three months during the 10th of March, 2009 until the 9th of September, 2011. Listing of the series I warrants in the Indonesian Stock Exchange (ISX) is scheduled to be held on the 10th of September, 2008.

Trada Maritime President Director Darmansyah Tanamas stated that, “we are pleased that the IPO process has come to an conclusion with the listing of TM shares on the IDX”. He added that, “We are also pleased to announce that TM shares has been oversubscribed 22 times, which shows that shares of maritime transportation companies such as ours are still desired by investors”.

TM Director Danny de Mita explained that around 93% of the funds resulting from the IPO after emission costs is earmarked for investment in new vessels, predominantly for dry bulk fleet, through direct investment or through its subsidiaries, while 7% will be used for the Company’s working capital.

Funds generated from the IPO are expected to strengthen the Company’s capital structure and secure the implementation of its targeted business expansion.

“The company projects revenue of around Rp 500 billion for the year 2008, with contributions from our new ships reaching around 43% of total revenue”, said Danny, “we project our revenue for the year 2009 to increase by 120,45% in comparison to the previous year”.

The projected increase in revenue is due to anticipation of income from new contracts that are currently being finalized, one of which is a contract to transport Clean Petroleum Products (CPP). “We also have other contracts provide FSO services and coal transportation that are currently being finalized”, concluded Danny.