Asia

Trans Power Marine readies IPO

Jakarta: Lining up an IPO in Jakarta is shipping company PT Trans Power Marine (TPM). TPM expects to notch up to Rp98.75bn from the offering, scheduled for February.

TPM is selling 395m shares, 15% of its enlarged shares, during the IPO at a price range of between Rp 220 and Rp 250 per share.

PT BCA Sekuritas will act as the sole underwriter for the IPO, due on February 12 and 13.

TPM is involved in coal transportation.

TPM finance director Rudy Sutiono said the company plans to spend up to $40m this year buying between four and seven new tug-and-barge sets.

The 2005-founded company has 21 tugs, 23 barges and one floating crane in its fleet.  [29/01/13]

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