Small-cap Indonesian shipping company Berlian Laju Tanker BLT said yesterday that it is seeking to raise Rp1.225 trillion $131 million from a renounceable rights issue to boost the capital available for a potential fleet expansion and for investments in value-creating opportunities.
The company, which is listed both in Jakarta and in Singapore, is offering existing shareholders one new share for each existing share they hold at a price of Rp220 apiece and the equivalent price in Singapore dollars based on the exchange rate five days before the book closure date. The price represents a 56.9% discount to Tuesday's closing price of Rp510 and a 39.7% discount to the theoretical ex-rights price Terp which works...
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