Borneo sells assets, plan to issue new shares
Thursday, September 11 2014 - 01:54 AM WIB
IDX-listed coal miner PT Borneo Lumbung Energi & Metal Tbk said Wednesday that it had sold some assets of subsidiaries PT Asmin Koalindo Tuhup (AKT) and PT Borneo Mining Services (BMS), raising US$16.22 million in proceeds.
?During the period of 18 to 20 August 2014, AKT and BMS sold several unutilised fixed assets via an online auction amounting to US$16,223,000. Net book value from those assets as at the auction date amounted to US$17,900,846,? Borneo said in a statement.
As previously reported, the company has been seeking to repay its debt to main creditor Standard Chartered Bank (SCB).
Borneo, which has suffered net loss during the past two years amid lingering downfall in the coal market, said it also plans to issue warrants or new shares to SCB as part of a proposed debt repayment mechanism.
Editing by Reiner Simanjuntak