Indonesia's Berlian cleared for $850 mln acquisition

JAKARTA (Reuters) - Indonesia's largest listed shipping company, PT Berlian Laju Tanker Tbk (BLTA.JK)(PTBL.SI), has received the go ahead from shareholders to acquire U.S.-based Chembulk Tankers LCC, its president said on Tuesday.

Berlian's president director, Widiharja Tanudjaja, also told reporters that the company would finance the acquisition through $750 million of bank loans from a consortium of foreign banks, while the rest would come from internal cash.

Tanudjaja said four international banks -- Fortis Bank (FOR.BR), DnB NOR (DNBNOR.OL), ING (ING.AS) and Nordic NIB NIDB.UL -- were in the financing consortium.

Currently, Berlian has 65 ships with a total capacity of 1.87 million dead weight ton (DWT) and after the purchase its fleet will grow to around 80 vessels with a capacity of 2.27 million DWT.

Berlian has also said it aims to raise up to $350 million via asset sales and a convertible bond or equity issue to repay debt linked to the acquisition.

(Reporting by Nury Sybli, writing by Harry Suhartono, editing by Ed Davies)