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Tuesday, December 22, 2009

Capex of Berlian Tanker at US$140 million

as published in Bisnis Indonesia daily newspaper
Tuesday, 22/12/2009 00:00 WIB
Capex of Berlian Tanker at US$140 million

JAKARTA: PT Berlian Laju Tanker Tbk set the capital expenditure next year of US$140 million covered from internal cash and bank loan.

"Most of the funds will be used for procurement of four to five corporate ships which will be executed in semester II/2010 on their delivery," said Finance Director of Berlian Tanker Kevin Wong in public expose yesterday.

But he could not provide details on the composition or bank name providing loan facility due to the ongoing process. Kevin could barely explain the finance performance target last year or next year.

Besides, he said the state budget here excluded the rights issue scheme in relation with the acquisition of 100 percent scheme of Camillo Eitzen & Co ASA (Ceco) stocks.

Ceco is the stock emitter in the Norwegian bourse with four subsidiary firms and 94 ships with 1.46 million tons of deadweight tonnage (DWT). The four subsidiary firms include Eitzen Chemical, Eitzen Gas, Eitzen Bulk, and Eitzen Maritime Services.

Eitzen Chemical is the top three largest owner of chemical tanker in the world with 82 vessels with 1.66 DWT capacities. Berlian Tanker is the top four largest firm with most chemical tankers in the world.

Kevin said the company still plans to have rights issue worth US$200 million and US$128 million and avoid rights issue scheme which is deemed longer and barely meet the expectation of Ceco.

The company decided to have rights issue different from rights issue due to the rejected proposal of the mandatory exchangeable bond (MEB) by Bapepam-LK.

The company also failed to be interested in taking over one of Ceco subsidiary firms, Eitzen Maritime Service, as it was not like the corporate strategy.

He argued the takeover deals with the huge debt of Eitzen Maritime Service.

Without participation of Eitzen Maritime Service in the takeover scheme, the company cut down the total value of acquisition of formerly US$369 million into US$328 328 million. The amount is reflected from Ceco shares formerly worth NOK 23.3 (Norwegian crone) into NOK 18.

Investor Relations of Berlian Tanker Peter Chayson said the company maintains the capitalization rise without (HMETD/secondary offering/no preemptive offering) as one of the options. (Bisnis/21)

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