Ancora secures $21m loan from CIMB Niaga
Saturday, October 17 2009 - 12:33 AM WIB
IDX-listed firm PT Ancora Indonesia Resources Tbk (AIR) has secured a loan from worth US$21 million local bank PT Bank CIMB Niaga Tbk.
?The loan will be used to strengthen our portfolio in the energy and mineral sector,? the company said on Friday.
AIR recently established shipping unit PT Ancora Shipping that will focus on coal transportation.
It also plans to acquire a coal mine in East Kalimantan for which it had allocated about US$30 million of its budget.
Currently, the company has a 40 percent stake in ammonium nitrate producer PT Multi Nitrotama Kimia. (denny)