Golden Eagle unit obtains Rp 478.99b loans from Bank Permata
Friday, June 19 2015 - 01:34 AM WIB
IDX-listed coal mining firm PT Golden Eagle Energy Tbk said that its indirect subsidiary PT International Prima Coal (IPC) has obtained loans worth a combined Rp 478.99 billion from Bank Permata to help finance working capital and acquisition program.
Golden Eagle said in a filing with the Indonesia Stock Exchange Thursday that that IPC and Bank Permata signed the lending agreement on June 15.
The company said that the loans comprised of over draft facility worth Rp 19 billion, and $34.5 million worth of pre-shipment financing and term loan. Golden Eagle said it provides guarantee for the Bank Permata loans.
Golden Eagle has an effective 39 percent interest in IPC through subsidiary PT Mega Raya Kusuma.
IPC on May 28 signed a share transaction agreement to acquire 34.17 percent stake in coal miner PT Tabalong Prima Resources (TPR) and 34.17 percent stake in coal port operator PT Mitra Hasrat Bersama (MHB) for a total transaction value of US$12.3 million.
TPR holds a 3,145-ha coal concession in Tabalong Regency, South Kalimantan, with JOR resources of 292 million tons, and reserves of 109 million tons. Meanwhile, MHB operates a coal port equipped with stockpile and jetty as well as conveyor system on a 60-ha area in South Barito Regency, Central Kalimantan. TPR operates integrally with MHB through joint ownership of coal hauling road linking the concession and the port.
President Director of Golden Eagle Hendra Surya said recently that the company wants IPC to eventually acquire 100 percent shares in TPR and MHB, the process of which expected to be completed within the next nine months.
Editing by Reiner Simanjuntak