PT Wintermar Offshore Marine Tbk (WINS:JK) held its Annual General Meeting of Shareholders ("AGM") on 19th August 2021, attended by a quorum of more than 84% of shareholders. This was the first time the Company conducted a hybrid AGM, utilizing the new eASY.KSEI platform for virtual AGM, which also provided an electronic system for shareholders to register their votes. The meeting also met the quorum of attendance by a majority of independent shareholders, which was necessary for the approval of the share issuance without pre-emptive rights, according to OJK regulations.All agenda items were approved, including the issuance of 415 million shares without pre-emptive rights, in which only independent shareholders were allowed to vote.
Apart from receiving and approving the Annual Report for FY2020, the Meeting also approved the appointment of Mr Sim Idrus Munandar as an Independent Commissioner. Mr Sim holds several positions as Commissioner and Independent Director in listed companies on the IDX and Singapore Stock Exchange. At the meeting, Mr Johnson Williang Sutjipto, who has been a Commissioner since Wintermar was listed on the Indonesian Stock Exchange in 2010, stepped down from his position. Mr Sugiman Layanto, Managing Director, thanked Mr Johnson W. Sutjipto for his very significant contribution to Wintermar Group, especially for his wisdom and guidance in steering the Company through the challenging period of the past few years.
During the AGM, Finance Director Janto Lili reported on the results for FY2020 where the Company made a gross profit despite being affected by postponement and cancellation of contracts due to the COVID-19 pandemic.
Looking forward, Managing Director Sugiman Layanto outlined the positive business outlook for the offshore support vessel industry now that the oil price has recovered to above US$70 per barrel and several large oil and gas projects are planned for the next few years in Asia, with Indonesia's SKK Migas also setting an ambitious production target to reach 1 million barrels per day of oil equivalent by 2030.
With gearing below 30% by end June 2021, after streamlining the fleet and reducing overhead costs, Wintermar is now ready to start investing again. Management has been pursuing several potential opportunities to invest in assets to grow the profitability of the Company and the new share issuance provides access to funding when needed.
As at end of June 2021, the Company's Contracts on hand amounted to US$69 million.
About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by an experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.
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