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BLT to list in Singapore

BLT to list in Singapore

Jakarta: Leading Indonesian tanker operator Berlian Laju Tankers hopes to raise up to $S271m ($172m) through a secondary listing in Singapore. Leading BLT shareholder  PT Tunggaladhi Baskara is offering 576m shares with a target price of $S0.40 per share and the company may add another 113.9m treasury shares depending on how the bookbuilding process goes. Deutsche Bank and UBS Investment Bank are joint global coordinators and underwriters with CIMB-GK Securities as joint lead manager and public offer coordinator. A successful offer would reduce Baskara's 62.5% share of BLT to 48.6%. BLT has an owned fleet of 43 tankers with 13 more chartered in for a total of around 1.5m dwt - principally chemical tankers. In the first half of this year the Jakarta-listed company reported profits of $56.1m on operating revenues of $157.8m. (19/10/06)

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