Capitol Nusantara Indonesia planning IPO

Kalimantan-based shipping company Capitol Nusantara Indonesia (CNI) is planning a listing this year and expects to raise around $25m, although pricing or total proceeds details have not been finalised, according to local media reports.

The company's initial public offering on the Indonesia Stock Exchange (IDX) will sell a quarter of its equity and aims to raise funds equivalent to 25% of its assets of an estimated $100m.

The reports added company management has met with IDX officials to discuss the listing and that they have appointed Trimegah Securities to act as underwriter for the share sale.

CNI is a subsidiary of Cipta Nusantara Abadi, which is in turn a 75%-owned unit of Singapore's ASL Marine, which earlier this year sold a 32% stake in CNI to certain individuals for $4.95m.

Kalimantan is commodities-rich and CNI reportedly transports goods including cement, sand and coal.

Posted 23 October 2013

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

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