Indonesia's BLT announces $131 million rights issue

The one-for-one offer, at a 39.7% discount to Terp, sends the company's share price tumbling by 18.6% as investors digest the large increase in share capital.

Small-cap Indonesian shipping company Berlian Laju Tanker BLT said yesterday that it is seeking to raise Rp1.225 trillion $131 million from a renounceable rights issue to boost the capital available for a potential fleet expansion and for investments in value-creating opportunities.

The company, which is listed both in Jakarta and in Singapore, is offering existing shareholders one new share for each existing share they hold at a price of Rp220 apiece and the equivalent price in Singapore dollars based...

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