Jakarta: PT Pelayaran Nasional Bina Buana Raya, in which Singapore’s Marco Polo Marine holds a 49% stake, has made an official registration with the Indonesia Stock Exchange in Jakarta to proceed with an initial public offering with sources saying the shipowner is looking at a December listing.
Bina Buana Raya has 35 vessels split into two divisions: a tugs and barges division, which transports commodities including coal, steel scarp and iron ore, and an offshore marine division.
Bina Buana Raya is joined by another Indonesian shipowner looking to list. PT Pelayaran Nelly Dwi Putri will list on October 9. The company is domestically-focused and owns tugs and barges. [28/09/12]