JAKARTA, INDONESIA, May 21, 2019 - (ACN Newswire) - Wintermar Offshore Marine Tbk (WINS:JK) expects business conditions will continue to improve through 2019 into 2020 as oil price outlook stays strong. At the company's AGM today, Managing Director Sugiman Layanto reported that conditions are improving for the Offshore support vessel industry. As oil prices have strengthened and global expenditure on upstream oil and gas exploration and production is picking up, Wintermar expects a stronger year in 2020.
In Indonesia the activity has been slower to recover than outside of Indonesia due to lower charter rates and lower budgets. Through an emphasis on quality service, Wintermar has succeeded in winning contracts in foreign markets, and expanded to Africa last year.
Although the utilization was lower than expected in 1Q2019 due to delays in project commencements and the presidential elections in Indonesia in April 2019, there is an improvement expected for 2H2019 as business activity is improving.
Approval to Issue up to 423 million non-preemptive shares.
During the Company's AGM in Jakarta on 21 May, the shareholders approved issuance of new shares to a maximum of 423 million, which will represent 9.075 % of the Company's shares after issuance, on a non-preemptive basis. Up to 400 million shares may be issued anytime up until 20 May 2021, and up to 23 million shares may be issued anytime up until 20 May 2024.
The minimum price of this issuance will be determined according to prevailing Indonesia Stocks Exchange Regulations, which stipulates a minimum price of 90% of the average closing price based on of 25 trading days prior to the shares being listed on the Indonesia Stock Exchange. The proceeds of the share issuance will be used for working capital, debt repayment and business development.
As at end of March 2019, the Company's Contracts on hand amounted to USD75.8 million.
Ms. Pek Swan Layanto CFA
PT Wintermar Offshore Marine Tbk
Tel: +62-21 530 5201 Ext 401
Topic: Issue of Stocks/Bonds
Source: PT Wintermar Offshore Marine Tbk
Sectors: Daily Finance, Marine & Offshore, Oil & Gas
From the Asia Corporate News Network
Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.