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Trada moves ahead with August IPO

Trada moves ahead with August IPO

Jakarta: Indonesia's tanker and FPSO operator Trada Maritime is pushing ahead with a local IPO in order to expand its fleet.

A total of 4bn shares or 45.81% of its enlarged capital will be sold next in the first week of August, though a price has yet to be announced.

The firm scored revenues of IDR 219.66bn ($23.8m) in 2007, while net profit increased to IDR 37.10bn from IDR 33.94bn in 2006.

Earlier this year, Trada formed a joint venture with Japanese owner Asahi Tanker to provide port services to oil and gas companies. Trada has a 51% holding in the jv. [7/7/08]