Singapore: Recently listed Singapore offshore support firm Pacific Radiance has announced that its jv company in Indonesia, PT Logindo Samudramakmur, plans to raise up to Rp357 billion with an IPO on the Indonesia Stock Exchange.
Proceeds from the IPO will be used to expand the PT Logindo fleet and give Pacific Radiance a much bigger footprint in Indonesia.
Pang Yoke Min, executive chairman of Pacific Radiance, said: “As most of the IPO proceeds will be channelled to expand PT Logindo's offshore support fleet to tap on the high growth cabotage-protected Indonesian market, we expect the net impact to remain value accretive to the Group.”
PT Logindo currently owns and operates 58 offshore vessels, all working in Indonesian waters. Pang did add that other than Indonesia other high growth markets were being eyed including Latin America, Australia and Africa. [06/12/13]