Antam sets up European subsidiary
Tuesday, January 4 2005 - 04:03 AM WIB
State nickel and gold miner PT. Aneka Tambang Tbk. announced on Tuesday it had established a wholly owned subsidiary in The Netherlands, Antam Europe BV, to support its ferronickel sales in Europe.
Currently, Europe is Antam?s second largest ferronickel offtaker after Japan, contributing around 15% of Antam?s total revenue.
Antam said it might also used the company for future fund raising and management.
To consolidate fund raising activities, Antam Finance Limited, a wholly owned subsidiary of Antam located in Mauritius has assigned to Antam Europe its interest in an existing loan to Antam od US$195 million. The loan was made in September 2003 from the proceed of $200 million 7.375% Guaranteed Notes due 2010 issued by Antam Finance for Antam?s ferronickel expansion project, Fe NiIII.(alex)