Bumi Kencana expands to C. Kalimantan coal mine
Thursday, June 16 2011 - 01:41 AM WIB
Indonesian listed coal group PT Dian Swastatika Sentosa Tbk (DSS) through its wholly-owned coal miner PT Bumi Kencana Eka Sejahtera (BKES) bought ?additional convertible bond? worth of Rp 3 billion (1US$ = Rp 8,535) issued by Central Kalimantan coal miner PT Mitra Kurnia Bartim.
?The transaction is (part of) the initial action of the company?s strategic expansion program in Central Kalimantan coal mine,? DSS said on Wednesday.
In April, DSS has handed over US$50 million loan to BKES. DSS in statement said that the money was given to BKES for working capital, capital expenditure and to finance the expansion of its coal business.
BKES is another coal unit owned by DSS, aside from PT Golden Energy Mines (GEMS). BKES has several coal mines in Sumatra. (denny)