REPUBLIKA.CO.ID, JAKARTA - A shipping company, PT Logindo Samudramakmur Tbk currently listed 193.27 million shares on Indonesia's Stock Exchange (IDX). The company offers 30 percent shares of the issued and fully paid in price range of 2,800 to 3,700 IDR per share.

President Director of Logindo Samudramakmur, Eddy K Logam explained that company also sold 19.32 million shares or 10 percent of total issuance offered for employee stock. Company's initial public offering (IPO) targeted funds worth 541.17 to 715.12 billion IDR.

"The funds will be used to pay 30 percent of bank loan, 60 percent for capital expenditure and the rest for working capital," Logam said recently.

Indonesia is still optimistic in developing of oil and gas industry. Indonesia still has lots of oil and gas reserves that have not been explored, especially in eastern sea of Indonesia. Logam said that this high potential would lead to growing demand for Offshores Support Vessels (OSV), especially advanced ships. It has great power to serve the needs of oil and gas exploration and production in deep sea areas.

Oil and gas industry development have became one of investment considerations for prospective investors. Company will continue to invest in ships and the money will meet the needs of oil and gas exploration in deep waters. Logindo Samudramakmur appointed PT UOB Kay Hian Securitirs and PT RHB OSK Securities Indonesia as underwriters.

Bookbuilding will be conducted on November 14-22, 2013. Effective statement is expected to be obtained on December 3, listed of IDX on December 11. 

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