Singapore: Pacific Radiance, who recently listed in Singapore, has concluded its initial public offering for Indoensian offshore jv PT Logindo which listing on the Indonesian Stock Exchange today.
The company issued 127.38 million new shares in PT Logindo at Rp2,800 each raising Rp356.7 billion, around US$31m. Pacific Radiance’s equity stake in PT Logindo drops to 38.2%.
PT Logindo currently owns and operates 58 offshore vessels, all working in Indonesian waters, and proceeds will be used to expand the fleet. [11/12/13]
