BLT plans S$203m rights issue

Jakarta: Berlian Laju Tankers (BLT) is planning to raise up to S$203.3m through a rights issue to fund fleet expansion opportunities. The Indonesian shipowner has proposed the issue of up to 5.98bn new shares priced at Rp220 per share, or S$0.034, raising up to S$203.3m. The represents a discount of 56.9% to the last traded price of Rp510 on the Indonesian Exchange prior to the announcement. BLT said funds from the rights issue would be used to secure its liquidity level to fuel fleet expansion opportunities.

(Source: Sea Trade Asia on line)