VIVAnews - PT Berlian Laju Tanker Tbk (BLTA) is targeting 53 percent of share ownership in Camillo Eitzen & Co ASA (CECO).
The company plans to finance the acquisition either through mandatory exchangeable bonds (MEB) or a rights issue.
"We will acquire 52-53 percent," said Berlian Laju Tanker Managing Director Widihardja Tanudjaja on Tuesday, Jan 26.
According to CECO's webpage, the company owns 40,266,451 units. Meanwhile, Berlian Laju Tanker has carried out voluntary exchange offer of CECO shares by NOK 23.5 per share, lower than the previous offer of NOK 25.
Based on the price, Berlian may have to make available NOK 501,518,647.2 to take over the 52-53 percent share.
Widihardja said the company is preparing the rights issue proposal.
Earlier, the voluntary exchange offer would be set out in the first quarter of 2010. The shares will be listed at the Oslo Stock Exchange after both companies gain approval from the regulators.
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Translated by: Bonardo Maulana Wahono
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