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Wintermar issues new shares without pre-emptive rights to strategic investors

JAKARTA (Rambu Energy) – PT Wintermar Offshore Marine Tbk said it has issued 116.917 million of new shares without pre emptive rights to strategic investors, an an execution price of Rp 800 per share. This means  that company raised Rp93.53 billion from the new shares issuance.

The company however did not disclose the names of the strategic investors.

Under the deal with the strategic investors, the new shares will be locked-up for one year from May 6, 2014 to May 6, 2015. Therefore, the shares cannot be traded on the Indonesian Stock Exchange (IDX).

The company did not explain the purpose of the shares issuance.

However, earlier this month (May 2), the company announced to acquire 23,205 shares of PT Fast Offshore Indonesia or equal to 51 percent. This means Wintermar will become controlling shareholder of the target company.

Wintermar said creditors of the company are given 14 days from the announcement to submit their objection over the acquisition plan. If no objections were filed, Wintermar will assume that creditors of Fast Offshore agree with the acquisition plan. (*)

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