Indonesian tanker and LPGC owner Buana Listya Tama (BULL) is planning expansion with the proceeds of a new rights issue.
The company said on Tuesday it will raise up to IDR 728bn ($56m) by selling 7.28bn new shares.
The move is dependent on shareholders’ approval on 4 November.
The cash will go towards expanding its business and paying off debt, it added.
BULL has 13 vessels, including two aframaxes, three LPG carriers, an FPSO and chemical carriers.
The
