Jakarta: Wintermar Offshore Marine announced that IFC, a member of the World Bank Group focused on private sector development, has exercised their convertible loan and will become a shareholder of 4.92% of the issued capital of Wintermar Offshore Marine with effect from 14th April 2014.
IFC has been the largest lender to Wintermar, having extended a $45m straight loan in 2011 followed by a $10m convertible loan with an exercise price of Rp500 per share in 2012. With IFC's support, Wintermar has expanded into higher value offshore support vessels to serve the needs of the deepwater offshore oil and gas industry.
"With IFC's support, we have improved our corporate governance and environmental standards," said Sugiman Layanto, managing director of Wintermar Offshore Marine. "IFC's ability to provide long tenures for our vessel loans has been a great advantage for us in executing our fleet expansion, especially in the recent years where there has been such growth in the demand for marine support for the deepwater drilling activities of the offshore oil and gas industry in Indonesia. We are grateful for our partnership and welcome IFC as a strategic shareholder." [15/04/14]