|340 million new shares to be issued in a non pre-emptive offering over the next 24 months|
JAKARTA, June 5, 2014 - (ACN Newswire) - The Shareholders of PT Wintermar Offshore Marine (IDX:WINS) have approved a stock and cash dividend payout totaling 20% of 2013 net profit or USD 5.4 million, at the Company's Annual General Meeting of Shareholders on June 5th 2014. The stock dividend of USD 2.7 million will be paid out in the ratio of 1 (one) dividend shares for every 150 shares held, while a cash dividend of USD 2.7 million or Rp. 8 per share was also approved. This equates to a current dividend yield of approximately 1.3%.
Approval was also received for a non pre-emptive share issuance of 340 million shares. This approval is valid for 24 months until June 4th 2016. In accordance with Indonesian Stock Exchange regulations, the minimum price that these shares can be issued is Rp. 902. In addition, Shareholders also approved a Management and Employees Share Option Scheme (MESOP) of 19 million shares, valid for the same period, to help attract and retain high performers, particularly a growing company.
"We remain optimistic that the OSV sector will see renewed demand in 2015 and the approval for issuance of these non pre-emptive shares in the coming 24 months will provide the Directors more flexibility in managing our capital structure by raising equity only as and when it is required," said Sugiman Layanto, Managing Director of WINS.
The Company reported that contracts on hand amount to USD 100.2 million at the end of May 2014.
Plans for 2014
WINS has allocated USD65million for expansion of our fleet with 5 new vessels, of which 3 units have already been delivered so far in 2014, including 1 unit of Platform Supply Vessel, the largest Indonesian flagged PSV in the market. The other 2 vessels delivered are 1 unit of 8000 bhp AHT8 and 1 unit of AHT.
As part of our strategy to expand into the high tier vessel segment, WINS plans to acquire a stake in a company which owns a fleet of 4 units of Fast Multi-Purpose Supply Vessels (FMPV) to complement the company's fleet for supporting deep-water operations. This acquisition will be funded through operating cash flow and is expected to be completed by end of June 2014.
Ms Pek Swan Layanto
PT Wintermar Offshore Marine Tbk
Tel +62-21-530-5201 Ext 401
Topic: Issue of Stocks/Bonds
Source: Wintermar Offshore Marine Group
Sectors: Gas & Oil, Daily Finance, Logistics & Supply Chain
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