Bank Panin ups L/C limit for COR Industri

By Ruli Setiawan

IDX-listed PT Central Omega Resources Tbk said that Bank Panin had on November 24 increased the limit of a letter of credit (L/C) facility provided for its subsidiary PT PT COR Industri Indonesia to US$35 million from $25 million.

Central Omega said in a filing with the Indonesia Stock Exchange Thursday that it provided guarantee for the sight L/C facility obtained by COR Industri on June 24. The L/C matures on December 26, 2016.

COR Industri, a joint venture between Central Omega and PT Macrolink Nickel Development, needed the L/C for financing the import of materials and services used in the construction of COR Industri?s nickel pig iron smelter in North Morowali Regency, Central Sulawesi.

Editing by Reiner Simanjuntak