Wednesday, May 24, 2006

Berlian to divest two chemical tankers

Seaborne transportation giant PT Berlian Laju Tanker Tbk plans to sell two units of chemical tanker currently under construction at a shipyard in Japan to First Ship Lease (FSL) Ltd, a Bermuda incorporated and Singapore based commercial finance company, at US$90 million.

According to its information to shareholders today, Berlian Laju--listed in Jakarta Stock Exchange (JSX) with total assets of Rp7.9 trillion (US$850 million) as of Dec 2005, will lease back these vessels capable to carry 22,050 m3 each.
Berlian argues that the transaction provide diversification of financing methods and is profitable because the sale price is higher than the new building contract price.
Berlian reported operating revenue of Rp2.6 trillion in 2005, doubled from Rp1.35 trillion in the previous year with net profit of Rp645.18 billion, almost trippled the previous year of Rp243 billion.
PT Tunggaladhi Baskara is the largest shareholder in Berlian with 45.36% and public investors at 54.52%.The divestment is pending shareholder's approval.

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