Arutmin to issue bonds next week
Friday, July 4 2003 - 02:07 AM WIB
The offering would be made on July 9-16, Neraca daily reported Friday.
The bonds will be listed on the Surabaya Stock Exchange on August 13, the paper quoted Arutmin?s prospectus as saying.
The bond issuance is meant to raise fresh funds to service the company?s debts which amounted to $292.8 million by end-March 2003, according to Neraca.
Arutmin, a subsidiary of PT Bumi Resources, has assigned local securities company PT Trimegah Securities to prepare and arrange the bond offering.
The company, which signed the first Coal Contract of Work in 1981 and operates coalmines in South Kalimantan, produced 10.55 million tons of coal in 2003. It has set a target to increase its coal output to 18.3 million tons this year.
Arutmin exports more than 90 percent of its coal. (*)