Pacific Radiance steps up presence in Indonesia

摘要

Completed in December 2013, the listing of joint venture PT Logindo Samudramakmur, in which Pacific Radiance holds a 49 per cent equity share, came on the heels of Pacific Radiance's own listing on the Singapore Exchange a month earlier. PT Logindo, which was established in 1995, owns and operates 58 offshore vessels that work in Indonesian waters. It raised Rp356.7 billion (US$31.4 million) in gross proceeds from the initial public offering (IPO) most of which will be used to expand its locally flagged fleet. "We will retain joint control of the company and help drive its strategic direction together with our joint-venture partners," said Pang Yoke Min, executive chairman of Pacific Radiance. PT Logindo is 49 per cent owned by the group's wholly owned subsidiary Alstonia Offshore Pte Ltd. The remaining stake is held by joint-venture (JV) partners Rudy Kurniawan Logam, Eddy Kurniawan Logam and Merna Logam.