Golden Energy lends Rp100b to its unit
Friday, February 17 2012 - 06:16 AM WIB
By Romel S. Gurky
Indonesia-listed coal mining firm PT Golden Energy Mines Tbk (GEMS), a coal mining unit of Sinarmas Group, has provided Rp100 billion of loan to its subsidiary, PT Tanjung Belit Bara Utama (TBBU).
The loan will mature in February 2013 with interest rate of 12% per annum. According to a press statement available to Indonesia Today, TBBA will use the money for capital expenditure as well as to develop infrastructures for its coal mining.
TBBU is a 99.8% subsidiary of GEMS through PT Karya Cemerlang Persada. Established in August 2006, TBBU is said to own Coal Operation Production License in Bungo Regency, Jambi.
Editing by Denny Tarigan