Cita Mineral signs debt deal with OCBC
Friday, September 16 2016 - 02:17 PM WIB
IDX-listed PT Cita Mineral Investindo Tbk announced Friday that it had on September 14 signed a debt notes program with Oversea-Chinese Banking Corporation Limited (OCBC Limited).
The company said in a statement it would issue two-year term notes worth US$30 million to help finance working capital and refinance debt.
Cita Mineral owns a 30 percent interest in Well Harvest Alumina Refinery which is planning to build a total 4 million tons per annum alumina smelter in Ketapang, West Kalimantan, in four phases. Construction of the first stage of 1 million tons per annum has been completed.
Well Harvest said in June it was seeking to raise up to US$820 million loans to help finance the expansion of the refinery.
The other Well Harvest shareholders are China Hongqiao Group Ltd (55%), Winning International Group Pte Ltd (10%), and Shandong Weiqiao Aluminum & Electricity Co. Ltd (5%).
Editing by Reiner Simanjuntak