Soechi Lines debuts on Indonesia Exchange

Jakarta: Indonesian shipping company Soechi Lines has made its trading debut on the Indonesian Stock Exchange today.

The company is raising around $48m by offering 1bn new shares or 15% of the company’s enlarged capital to the public. The company’s shares surged as much as 27% after opening.

Go Darmadi, president director of Soechi Lines, said that 55% of the proceeds will be used to buy new ships, 30% to pay off debts of its subsidiaries, and the remaining 15% for working capital of its subsidiaries.

Soechi Lines currently owns a fleet of 33 ships including oil tankers, chemical tankers, and gas carriers, and also owns a shipyard in Karimun Island. [03/12/14]

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