JAKARTA: PT Mandira Sanni Pratama plans to increase its ownership in PT Arpeni Pratama Ocean Line Tbk by purchasing the shipping companys new shares.Arpeni plans to release 6.2 million non-preemptive B series new shares worth US$75 million.The purchase of the new shares by Mandira or other parties appointed by Mandira will dilute other shareholders ownership by 65.2%. 30% of the proceeds will be used to buy back half of the 8.75% guaranteed secured notes in II/2008, ijarah medium term notes in II/2008 and/or debt settlement.The proceeds will also be used for operational costs, management said.Mandira as the main investor will buy the non-preemptive rights issue. The proceeds will be used to pay bond coupon, said Head of Financial Assessment for Service Sector Company Bureau Gonthor Ryantori Azis.When contacted, Arpenis President Director and Mandiras Commissioner Oentoro Surya did not answer our calls.To date, Mandira, as the major holder, manages 30.67%, PT Ayrus Prima 21.04%, DEG - Deutsche Investitions-UE 8.67%, Morgan Stanley & Co 9.81% and the remaining 29.81% by public.PT Indosurya Asset Managements managing research Reza Priyambada viewed Arpeni has a big potential to develop amid it loyal clients.In 2010, Arpenis revenue decreased to IDR1.38 trillion from IDR1.7 trillion in 2009. Arpeni actually has big clients like PLN and PT Bukit Asam Tbk but management cannot take advantage of this potential. (t05)

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