Samudera to float shares

Samudera to float shares

SINGAPORE (Reuter): Shipping firm Samudera Shipping Line Pte Ltd (SSL) said yesterday it had received approval for primary listing on the second board of the Stock Exchange of Singapore (SES).

It said in a statement its initial public offering (IPO) would be lead managed by Overseas Union Bank Ltd.

SSL, involved in feeder and regional container shipping and the transportation of liquid and gas cargo in Asia, is part of the Samudera Indonesian Group.

It intends to use the proceeds from the IPO to expand its fleet of oil tankers and vessels, repay part of the bank borrowings and fund its expansion and diversification plans.

SSL has a fleet of 21 owned and chartered container vessels as well as four chemical tankers ranging from 2,200 deadweight ton (dwt) to 7,700 dwt.

Its net profit in fiscal 1996 was Singapore $9.98 million compared to S$0.97 million in fiscal year 1994 while turnover quadrupled to about Singapore $194.5 million compared to S$45.9 million during the same period.