DSSA ups shares in S. Sumatra coal miner
Tuesday, January 12 2016 - 01:37 AM WIB
IDX-listed integrated coal mining firm PT Dian Swastatika Sentosa Tbk (DSSA) announced Tuesday that based on shareholder approval of PT Bumi Kencana Eka Sejahtera (BKES), the company?s direct subsidiary with ownership more than 99 percent, dated January 7, 2016, shareholders of BKES agreed to convert company?s receivables with total amount of Rp 215,415,000,000 arising from loan agreement dated March 31, 2011 (with its amendments from time to time) to 215,415 shares in BKES.
DSSA said in a statement that after the above-mentioned conversion, shareholding structure of BKES consists of the company as the owner of 679,874 shares and PT Sinar Mas Cakrawala as the owner of 1 share, with total of 679,875 shares that have been issued by BKES.
BKES, acquired by DSSA in 2012, operates a coal concession in South Sumatra, which reportedly started production last year, the output of which to support the South Sumatra (Sumsel)-5 coal-fired power plant.
Editing by Reiner Simanjuntak