Asia Resources plans right issue to finance acquisition
Tuesday, January 20 2009 - 03:12 AM WIB
IDX-listed firm PT Asia Natural Resources Tbk plans to issue right shares to raise funds of up to Rp 220 billion (about US$20 million) to finance the company?s acquisition plans, the company?s executive has said.
Speaking to reporters in Jakarta on Monday, the company? director and corporate secretary Stanislaus Say said Asia Resources which concluded a deal to acquire nickel miner PT Tekonindo for about Rp 250 million (US$=Rp 11,100) recently, planned to take over more mining companies to further expand the company?s business in the mining sector.
He said, this year, the company had allocated up to $5 million to back up PT Tekonindo?s mining operation and to finance other mining firms.
Asia Resources will start to explore for nickel on Kabaena island in southeast Sulawesi in the second half of 2009 through its PT Tekonindo subsidiary, he added. (*)