JAKARTA: PT Buana Listya Tama, subsidiary of gas and oil shipping company PT Berlian Laju Tanker Tbk, plans to dispose 39% shares through initial public offering (IPO) in the first semester in 2011.Indonesia Stock Exchange Director of Corporate Assessment Eddy Sugito informed that Buana Tama might sell 7.2 billion shares. Buana Tama might release 39% shares maximum, as he said in Jakarta, yesterday.The matter, he continued, was pursuant to mini expose held by Buana Tama management for IDX, yesterday. Both Buana Tama and berlian Tanker refused to comment.When contacted, Berlian Laju Tanker Director Kevin Wong said they cannot inform the companys plan yet. We cannot talk much about our future plan.As reported yesterday, Buana Tama is seeking US$120 million from the IPO. They have appointed PT Danatama Makmur, J.P Morgan Securities, Deutsche Bank, and Standard Chartered Securities as the underwriters.Referring to the targeted US120 million and 39% discharged shares or equivalent to 7.2 billion, then the company manages 18.5 billion shares in total. Thus, IPO share price estimated at IDR150 per unit with market capitalization for about IDR2.77 trillion.Compared to similar issuers like PT Humpuss Intermoda Transportasi Tbk and PT Wintermar Offshore Marine Tbk, Buana Tama price is much lower yet bigger market capitalization.Humpus, under HITS share code, was closed at IDR355 per unit with capitalization for about IDR1.65 trillion while Wintermar was closed at IDR330 per unit to form market capitalization for about IDR1.17 trillion.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 became 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.The regulation, excluded coal, obliges domestic commodity to be carried by national-flagged ships. As the result, tight competition with foreign shipping business decreases and domestic shipping business starts to breath. (t05/wiw)
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