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Capitol Nusantara Indonesia planning IPOCapitol 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 23, 2013

1 Min Read
Kalyakan - stock.adobe.com

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.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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