GEMS provides loans to subsidiaries
Thursday, October 18 2012 - 01:48 AM WIB
By Ruli Setiawan
IDX-listed coal miner PT Golden Energy Mines Tbk (GEMS) announced that the company has provided loans to support the operation of its wholly-owned three miners PT Berkat Nusantara Permai, PT Tanjung Belit Bara Utama and PT Karva Cemerlang Persada.
The agreement on loan facility was signed on October 15.
The company provided US$25 million of loan to each of its subsidiaries with interest rate of between 8 percent and 12 percent per year with term of loan until October 2014.
GEMS said that the money would be used by its subsidiaries to develop supporting infrastructure of their coal mines.
Editing by Adianto P. Simamora