Bumi Resources to pay back debt
Tuesday, May 8 2012 - 02:24 AM WIB
By Hiski Darmayana
Coal mining subsidiary of Bumi Plc, PT Bumi Resources Tbk has stated its plan to pay back US$600 million worth of its debt to China Investment Corporation this October, Company Director and Corporate Secretary Dileep Srivastava recently said in Jakarta.
"The fund to finance the debt payment will come from the sales of 20 percent shares at Bumi Resources Minerals," he said, refusing to disclose further details.
CIC through subsidiary Country Forest Limited gave the company US$1.9 billion worth of loan in three parts back in 2009. The company has since paid US$0.6 billion back to CIC, leaving US$ 1.3 billion balance to pay.
Editing by Er Audy Zandri