JAKARTA: Shipping company PT Buana Listya Tama, PT Berlian Laju Tanker Tbk subsidiary, is planning to hold an initial public offering (IPO) with the targeted fund for about US$120 million.One executive involved in the process informed that Buana Listya has appointed PT Danatama Makmur as their underwriter. Danatama will be assisted by J.P. Morgan Securities, Deutsche Bank, and Standard Chartered Securities.Lets wait for the official announcement, said Vicky Ganda Saputra, Danatama Makmur Director when confirmed on the matter, yesterday.The verification of Buana Tama IPO plan was given by Indonesia Stock Exchange Director of Corporate Assessment Eddy Sugito. However, market authority, he informed, did not know the IPO target.Documents affair, he continued, of the initial public offering has been received and IDX will agenda a miniexspose soon. We have received the documents. We shall conduct miniexspose soon.Contacted separately, Berlian Laju Tanker Director Kevin Wong refused to give official statement over their subsidiary IPO.With the entrance of Buana Tama, IDX has been releasing 4 prospective issuers this year. Other issuers are PT Mitra Bahtera Segara Sejati, PT Sidomulyo Selaras and PT Sejahteraraya Anugrahjaya.Beside Sejahteraraya Anugrahjaya that works on health sector, the 3 other work on transportation sector both land and shipping transportation. Another potential listed company is PT Garuda Indonesia that scheduled to hold IPO in the near future.Under ProcessRecently, Sugito announced there will be 9-12 companies that will hold IPO on first semester of 2011 at the latest. Some of the IPO documents are still under processed by Financial Institution and Capital Market Supervisory Agency (Bapepam-LK)Buana Tama was established in 2005 as domestic shipping company under Berlian Tanker Group. The group itself is one of the biggest tanker operator worldwide specialized on freight or cargo for liquid chemicals.The company started their business and reputation simultaneously in both domestic and international route. Their first ship was number of oil and gas tankers designed to carry crude oil and gas like liquefied petroleum gas (LPG).Furthermore, the company also operates MT Gas Komodo, one of the largest gas vessels in Indonesia and become the first domestic shipping company that occupies such carrier.With their experience serving oil and gas client in all over the world, Buana Tama also applies international standard for their domestic route.Presidential Decree on implementation of sabotage was expelled in 2005. The regulation reviving domestic shipping industry that almost meet it end due to their failure to compete with foreign-flagged ships. (t05/wiw)
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