Golden Energy increases capital of two subsidiaries

By Romel S. Gurky

IDX-listed coal mining company PT Golden Energy Mines Tbk announced Wednesday it had on September 5 given approval to increase the capital of its two coal mining subsidiaries PT Kuansing Inti Makmur (KIM) and PT Bunga Bara Utama (BBU).

The company said in a statement that the issued and paid-up capital of KIM have been increased to Rp 595 billion from Rp 550 billion. Meanwhile the authorized capital of BBU has been raised to Rp 100 billion from Rp 20 billion, while the issued and paid-up capital have been increased to Rp 55.25 billion from Rp 10.25 billion.

?The additional capital provides flexibility to the company?s subsidiaries in fulfilling the requirement for working capital and capital expenditure in anticipation of business fluctuation and to facilitate future expansion,? Golden Energy said in the statement.

BBU operates mines in South Kalimantan, while KIM, operates mines in Jambi.

Editing by Reiner Simanjuntak